What's Going On With Rocket Lab Stock Monday?

Rocket Lab Corporation(NASDAQ:RKLB) stock traded nearly 1% higher during Monday’s premarket session as technology stocks gained. Nasdaq futures rose 0.42%, while S&P 500 futures added 0.13%.

The stock has posted a strong run over the past year. Investors are now watching whether it can build on that advance and reclaim key intermediate-term levels.

Advances $143 Million MDA Space Deal

Separately, Rocket Lab said Sunday that eight satellite platforms it built for MDA Space Ltd. (NYSE:MDA) successfully reached orbit on Aug. 15.

The satellites are the first of 17 platforms Rocket Lab built under a $143 million deal with MDA Space. They will replenish Globalstar Inc.’s(NASDAQ:GSAT) constellation, which supports direct-to-device communications and Internet of Things services.

Rocket Lab said it contacted all eight satellites. They are generating power and performing as expected, with commissioning now underway.

The 500-kilogram spacecraft use customized versions of Rocket Lab’s Lightning platform. The company is also producing Lightning platforms for U.S. Space Force and Space Development Agency missions.

Plans $1.94 Billion Capital Raise

Last week, Rocket Lab entered into a replacement equity distribution agreement that allows it to sell up to $1.94 billion of common stock from time to time.

Rocket Lab intends to use net proceeds to fund cash payments for its proposed acquisition of Iridium Communications Inc. (NASDAQ:IRDM) and reduce committed senior secured debt facility obligations.

Excess proceeds will support future corporate growth and general working capital purposes.

Technical Analysis

Rocket Lab remains in a long-term uptrend. The stock trades above its 200-day simple moving average of $78.39 and its 200-day exponential moving average of $77.48.

However, shares remain 5.7% below the 50-day SMA of $85.54 and 10.3% below the 100-day SMA of $89.93. That suggests the intermediate-term trend is still recovering.

The stock is also 12.3% above its 20-day SMA of $71.87, pointing to improving short-term momentum. However, the 20-day SMA remains below the 50-day SMA.

Rocket Lab’s relative strength index stands at 52.95. The neutral reading suggests the stock is neither overbought nor oversold.

Investors may watch $80 as a key support area. On the upside, the mid-$80s and the $90 to $93 range could act as resistance.

Analyst Outlook

The stock carries a Buy consensus rating with an average price forecast of $107.71. Forecasts range from $60 to $135 across 27 analysts. Recent analyst actions include:

• Citizens maintained a Market Outperform rating on Aug. 11 and raised its price forecast to $130.

• Cantor Fitzgerald maintained an Overweight rating on Aug. 11 and raised its price forecast to $122.

• KGI Securities upgraded Rocket Lab to Outperform on July 27 with a $107 price forecast.

Benzinga Edge Rankings

Rocket Lab has a Momentum score of 77.82, according to the Benzinga Edge Stock Rankings.

The score points to strong momentum relative to the broader market. Investors will likely watch whether shares can hold the low-$80s and eventually reclaim the mid-$80s to low-$90s range.

ETF Exposure

Rocket Lab is held by several exchange-traded funds, including the Invesco Aerospace & Defense ETF(NYSE:PPA), ARK Autonomous Technology & Robotics ETF(BATS:ARKQ) and Defiance Space and Connective Tech ETF(NASDAQ:UFOX).

RKLB Price Action

Rocket Lab shares were up 0.71% at $80.82 during Monday’s premarket trading, according to Benzinga Pro.

Photo via Shutterstock 

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