Rocket Lab (NASDAQ:RKLB) stock is rising higher on Monday after Citi analysts reinstated coverage of the space company’s shares this morning.
That reinstated coverage has Citi analysts giving RKLB stock a “buy” rating. For the record, the analyst consensus rating for RKLB shares is a moderate buy based on eight opinions.
That reinstated coverage of RKLB stock also comes with a $6 price target for shares. This represents a potential upside of 38% compared to its previous closing price. That price prediction is currently below the analyst consensus of $7.88 per share.
What’s Behind the Bull Stance for RKLB Stock
Citi analyst Jason Gursky reinstated coverage of RKLB stock while saying there are positives worth noting. That includes improvements in the company’s liquidity conditions. The analyst also points to a $515 million contract with the Space Development Agency as reason to believe it’s winning favor with the government.
Rocket Labs stock is seeing strong trading on Monday morning. That has more than 7.5 million shares of the stock changing hands as of this writing. This is quickly closing in on the company’s daily average trading volume of about 8.3 million shares.
RKLB stock is up 9.1% as of Monday morning. However, shares are still down 10.8% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
