Rocket Lab Surges to the Top Passing Virgin Galactic

13th Sep 2021
Rocket Lab Surges to the Top Passing Virgin Galactic

There is no way to slow down the progress Rocket Lab is making. Its recent listing has placed the company above Virgin Galactic. The company is part of the 1000 New Zealand companies that also experienced an impressive rise.

Rocket Lab shares went up by 23.3% in the latest NASDAQ trading. This means the company has a market cap of $7.1 billion, and each share value is $14.32. Peter Beck, the CEO of Rocket Lab, has 54,533,748 shares with a market value of $781 million US dollars.

This meteoric rise sees the company’s shares rise by 52% in a span of a few days. This is after failing to launch recently with an expected stock listing of $11.50. This success of the New Zealand space enterprise was quite evident due to their rival, Astra, failing.

For most of the time, Astra was in the red and trading flat. On the other hand, Virgin Galactic resulted in a $6.1 billion market value of 7.5%. These actions put the New Zealand enterprise at the top, only trailing Space-X by Elon Musk.

New Zealanders Invest Big in Rocket Lab’s IPO

New Zealander’s acquired the shares in droves. About 7000 investors used platforms such as Stake, Sharesies, and Hatch for this and kept observing the progress of their investment. This is why the upward trajectory is excellent news for them.

Another beneficiary of this information is Mark Rocket. He was among the first people to back the company when it started. Another is Sir Stephen Tindall’s ACC investment arm. Both have a total share that’s below 5%.

In addition, over 100 present and former company employees are excited. They are Rocket Lab beneficiaries of share bonuses and have granted more than $1million listing price shares.

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