Rocket Lab Stock Hits All-Time Highs: What's Going On?
Rocket Lab Corp. (NASDAQ:RKLB) shares are trading higher Monday amid an escalating public conflict between President Donald Trump and Tesla and SpaceX CEO Elon Musk.
What To Know: Trump and Musk are in the midst of an ongoing social media feud sparked by Musk's disapproval of Trump’s spending bill, which was signed into law on Friday.
Trump and Musk took jabs at each other on social platforms last month, which helped spark a rally in space stocks as investors began speculating that the dispute could hurt SpaceX and lead to more opportunities for other space companies.
Musk was disappointed after the bill was signed on Friday and again took to social media to express his opposition to the bill.
On Sunday, Trump posted on Truth Social that Musk had "gone off the rails" and was becoming a “train wreck.” Trump's comments also included comments suggesting that the head of NASA should not be a close friend of Musk, which appears to have reignited a rally in shares of Rocket Lab as investors hope that the tensions could create more opportunities for Rocket Lab to win NASA contracts.
The comments stirred reactions across social media and renewed attention on space-related equities, though the potential impacts on SpaceX remain unclear.
Rocket lab was recently added to the Russell 1000 index, which could also be driving increased investor attention and institutional interest. Additionally, KeyBanc raised its price target on Rocket Lab from $29 to $40 last week and maintained an Overweight rating, citing the company's growth prospects in space launch services.
Rocket Lab continues to make strong progress with its Electron launches with four successful launches in June. The company said last week that it has a 100% mission success rate in 2025.
RKLB Price Action: Rocket Lab shares were up 7.64% at $38.39 at the time of publication, according to Benzinga Pro.
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Image: courtesy of Rocket Lab.
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