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Tag: premarket trading

  • Rocket Lab Secures Major Multi-Launch Agreement — Shares Hits All-Time High

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    This article first appeared on GuruFocus.

    Oct 8 – Rocket Lab USA (NASDAQ:RKLB) shares advanced about 6% in premarket trading Wednesday after the space company secured a new multi-launch agreement with Japan’s Institute for Q-shu Pioneers of Space, according to a Wednesday press release.

    The deal designates Rocket Lab as the main launch provider for iQPS’s commercial Earth-imaging satellite network. It includes three dedicated Electron missions scheduled to begin no earlier than 2026 from Launch Complex 1 in New Zealand.

    The latest contract expands Rocket Lab’s planned launches for iQPS to seven in total. Each mission will deliver a single synthetic aperture radar satellite using Rocket Lab’s Motorized Lightband separation system, a component that highlights the company’s integrated launch and space hardware capabilities.

    CEO Sir Peter Beck said iQPS’s choice of both the Electron rocket and Rocket Lab’s deployment hardware reflects the benefits of an integrated service that supports faster and more reliable access to orbit.

    Rocket Lab said it is scaling up manufacturing and flight frequency to handle more than 20 launches in 2025. The company’s next launch for iQPS is slated for November. RKLB shares recently traded at all-time highs, with short interest above 10% of float.

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  • Rivian Rebounds From Record Low In Premarket: What’s Going On With The Stock

    Rivian Rebounds From Record Low In Premarket: What’s Going On With The Stock

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    Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) rose in premarket trading on Monday after the battering they received last week in the aftermath of the electric vehicle startup’s quarterly report.

    The stock lost a whopping 38% in the week ended Feb. 23 and closed at a record low after the company announced 2024 deliveries guidance that came in notably below Street expectations. Following the earnings, sell-side analysts lowered their forward estimates for the company and, as an extension, their price targets for the stock.

    The stock also suffered downgrades in the hands of JPMorgan, UBS and Truist Securities.

    • JPMorgan downgraded the stock from Neutral to Underweight and reduced its price target from $20 to $11.

    • UBS downgraded the stock from Buy to Sell and lowered the price target from $24 to $28.

    • Truist cut its rating on the stock from Buy to Hold and took down the price target from $26 to $11.

    Monday’s rebound could be because the sell-off may have been overdone. Following last week’s dismal stock performance, Tesla investor Gary Black defended the company. He flagged the company’s likelihood of emerging as a credible number two to Tesla by 2030. 

    Black expects Rivian to be gross-margin positive by the fourth quarter, Black said, adding that the company’s cash bleed will drop significantly exiting 2024. He also raised the specter of Rivian customer Amazon potentially considering buying its electric delivery van supplier.

    The company has a key catalyst in the near term as the Irvine, California-based company gears up to launch its second-gen R2 low-priced EV on Mar. 7.

    For a reversal, the stock should fill the gap formed when it gapped down following the quarterly results and go past a key resistance around the $15 area. The stock is currently in oversold territory, going by its relative strength index.

    In premarket trading, Rivian rose 1.09% to $10.18, according to Benzinga Pro data.

    Check out more of Benzinga’s Future Of Mobility coverage by following this link.

    See Also: Best Electric Vehicle Stocks

    Photo Courtesy of Rivian Automotive

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    This article Rivian Rebounds From Record Low In Premarket: What’s Going On With The Stock originally appeared on Benzinga.com

    © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Premarket Screener – MarketWatch

    Premarket Screener – MarketWatch

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    Intraday Data provided by FACTSET and subject to terms of use.
    Historical and current end-of-day data provided by FACTSET.
    All quotes are in local exchange time.
    Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
    Intraday data delayed at least 15 minutes or per exchange requirements.

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