The shares of Rocket Lab Corp (NASDAQ:RKLB) are 18.8% higher to trade at $93.31 at last glance, after the aerospace manufacturer announced a first-quarter revenue win, with earnings coming in line with estimates. The company also secured a $30 million contract for three HASTE hypersonic test launches and signed its largest launch contract ever with a confidential customer. In response, RKLB received a price-target hike at Stifel to $110 from $105.
Rocket Lab stock toppled a recent ceiling at the $90 level, which capped its late April rally, and is now within striking distance of its Jan. 16, record high of $99.58. The shares are also enjoying support from the 20-day moving average. On track for its best day since April 2025, RKLB sports a 240.2% year-over-year lead.
Part of today's surge could be attributed to short covering. Short interest rose an astounding 47% in the last reporting period, and the 31.52 million shares sold short now make up 5.5% of RKLB' total available float.
Drilling down to today's options activity, 76,000 calls and 33,000 puts have traded hands, which is seven times the amount typically seen at this point. Most active by far is the June 75 put, followed by the 90 put in that series, with new positions being opened at the latter.
The stock's Schaeffer's Volatility Scorecard (SVS) comes in at 84 out of 100. In other words, shares have consistently realized higher volatility than its options have priced in over the past 12 months.
