Why Rocket Lab Stock Soared 155% in November
Shares of Rocket Lab (NASDAQ: RKLB) soared 155% in November, according to data from S&P Global Market Intelligence. The space flight and rocket company keeps announcing new missions and posted a promising earnings result in the month. Aiming to compete with SpaceX, Rocket Lab is growing its ambitions and further separating itself from the rocket start-up pack.
As of this writing, Rocket Lab stock is up 355% year to date. Here's why it was soaring yet again in November.
In the third quarter of 2024, Rocket Lab posted more strong growth. Revenue was up 55% year over year to $105 million. In the last three years, Rocket Lab has grown its sales by a cumulative 484%, making it one of the fastest-growing businesses in the world. The company is increasing its launch cadence for its small Electron rocket, which is leading to more launch revenue and more sales for its space systems products. Its customer backlog hit $1.05 billion in the quarter, which is more than two years of its current revenue levels.
Source Fool.com
