Rocket Lab USA rips

Midcap commercial space company Rocket Lab USA jumped Wednesday, erasing last week’s losses from an earnings miss.

The company issued a press release touting its second Earth return operation in two months, after landing at a test range in Australia.

But like other meme-adjacent stocks — like SoundHound AI, which is also enjoying a sizable gain — the outsized move may have something to do with the sizable short interest in the stock. As of the most recent data, nearly 15% of Rocket Lab’s float was in the hands of short sellers.

Market volatility aside, Rocket Lab’s business focus remains on bringing its next-generation Neutron rocket online, with an initial launch slated for the second half of 2025. The larger rocket would allow the company to charge higher prices and help stem the rapid cash burn at the company.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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