Rocket Lab Stock Skyrockets After Launching 7 Satellites

Options bulls are not holding back today

Digital Content Manager
Jul 18, 2023 at 2:56 PM
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Rocket Lab USA Inc (NASDAQ:RKLB) has skyrocketed out of penny stock territory over the last few days, last seen up 11.7% to trade at a 52-week high of $7.70. This pop follows the company's successful launch of seven satellites for the National Aeronautics and Space Administration (NASA) Space Flight Laboratory and Spire Global today from Launch Complex 1 in New Zealand. 

Options bulls are already placing their bets, with 33,000 calls exchanged so far -- or four times the intraday average -- compared to just 5,045 puts. The most popular contract is the July 7 call, suggesting these traders expect even more upside for RLKB by the end of the week.

This may be the beginning of a shift in sentiment. Back at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Rocket Lab USA stock's 50-day put/call volume ratio ranks higher than 91% of readings in its annual range. 

Additional tailwinds could come from an unraveling of short interest. The 22.99 million shares sold short make up 6.2% of the stock's available float, or more than one week's worth of pent-up buying power.

The security recently blew past long-term resistance from the $6 level, while its 20-day moving average has been acting a support since early May. Year-to date, RLKB sports a massive 102.1% lead.

RKLB 20 Day

 

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