Space Stocks Already Reach Mars As Trump Pursues ‘Manifest Destiny Into The Stars’: Rocket Lab Hits Record High

Space stocks skyrocketed on Tuesday, the first trading session following Donald Trump’s inauguration as the 47th President of the United States, as he highlighted his administration’s enthusiasm surrounding space exploration.

“We will pursue our manifest destiny into the stars, launching American astronauts to plant the stars and stripes on the planet Mars,” Trump reportedly said in his inauguration speech.

Shares of Rocket Lab USA (RKLB) rocketed over 28% on Tuesday to hit record highs while Intuitive Machines Inc (LUNR) shares jumped over 20% to hit two-year highs.

AST SpaceMobile Inc (ASTS) shares rose over 10%, while Virgin Galactic Holdings Inc (SPCE) rallied over 9%.

RKLB shares got another boost from Citi's price target hike, and following the rally, the stock became the top trending ticker on Stocktwits.

According to The Fly, the brokerage raised its price target on Rocket Lab to $35 from $22 while keeping a ‘Buy’ rating on the shares as part of fourth-quarter earnings preview for the aerospace and defense group.

Citi anticipates positive commentary from commercial aftermarket suppliers in the fourth quarter (Q4) and from commercial original equipment-exposed names as production rates head higher.

The brokerage believes that defense contractors will be "somewhat balanced," with positive commentary on demand from Europe and some level of caution on the U.S. given the Presidential transition.

On Stocktwits, retail sentiment hit a year-high after flipping into the ‘extremely bullish’ territory (92/100) from ‘bearish’ a day ago. Message volumes also soared to ‘extremely high’ levels.

Stocktwits user comments reflected a positive bias toward RKLB stock.

Meanwhile, users also expressed optimism on LUNR stock.

RKLB shares have gained over 500% over the past year, while LUNR stock has gained over 696% in the period.

Also See: Pitney Bowes Stock Rises On Acquisition Of Royal Alliances’ Presort Business: Retail’s Elated

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