Why Rocket Lab Stock Keeps Going Up
Rocket Lab (NASDAQ: RKLB) stock scored a fourth straight day of gains on Tuesday, rising another 8.2% through 10 a.m. ET, bringing this space stock's gains to 27% over the past week.
What's driving Rocket Lab stock higher? As I noted yesterday, the biggest catalyst is probably the company's announcement that, over the weekend, Rocket Lab successfully conducted two rocket launches in less than 24 hours' time -- and from two launch sites on opposite sides of the globe. But it seems there's a second catalyst that's also driving Rocket Lab stock higher: U.S. government subsidies.
Soon after announcing its launch successes yesterday, Rocket Lab put out a separate press release, announcing it had "finalized" a $23.9 million award from the U.S. Department of Commerce. This money will be used "to increase its compound semiconductor manufacturing capability and capacity at the Company's Albuquerque, New Mexico facility," where Rocket Lab produces "space-grade solar cells" and other semiconductor products.
Source Fool.com
