Why Rocket Lab Stock Popped Today
Shares of Rocket Lab (NASDAQ: RKLB) climbed as much as 7% early Thursday, then settled to trade up 4.7% after Cathy Wood's ARKQ Autonomous Technology & Robotics ETF (NYSEMKT: ARKQ) added to its stake in the aerospace and rocket launch services specialist.
More specifically, Wood's ARKQ exchange traded fund bought 27,324 shares of Rocket Lab on Wednesday. Yesterday's buy brought ARKQ's total stake in Rocket Lab to 3,483,938 shares, worth just over $19 million as of this writing, or roughly 0.14% of the fund's total holdings. This was the third time ARKQ has added to its position in the past week, including previous buys of 255,208 shares on Tuesday and 116,900 shares last Friday (Dec. 29, 2023).
The timing is no coincidence. Shares are still down more than 30% from last summer's highs, spurred by a failed launch in September. Rocket Lab stock subsequently rebounded more than 26% last month after not only completing its 10th launch mission of the year, but also announcing a new $515 million contract with an unnamed government customer.
Source Fool.com
