Rocket Lab Corporation (NASDAQ:RKLB) shares were trading lower on Tuesday.

Stifel analyst Erik Rasmussen maintains a Buy rating for Rocket Lab, raising the price forecast from $34 to $55.

The firm reported another flawless mission with its Electron rocket, deploying seven satellites for the Internet of Things Quantified Payload Service (IQPS) constellation.

Also Read: Rocket Lab Shares Fall After New Analyst Coverage And Valuation Concerns

The vehicle lifted off from the Mahia Peninsula launch complex in New Zealand and achieved precise orbit insertion within minutes, marking Electron's 40th successful flight since its debut in January 2018.

This latest deployment expands IQPS's network capacity for low-power, long-range asset tracking and environmental monitoring applications, ranging from agricultural sensors in remote fields to marine buoys gathering climate data.

Each of the seven payloads was released via Rocket Lab's proprietary kick-stage, which provides the fine orbital adjustments needed for constellation accuracy.

Mission control has confirmed all satellites are operational, and telemetry shows they are already transmitting data back to ground stations.

With this launch, Rocket Lab solidifies its reputation for high-reliability small-satellite missions; the company now averages more than one flight per month and maintains a manifest of over 100 satellites scheduled for future launches.

By focusing on low-cost, small-satellite services, Rocket Lab continues to outpace its peers in both launch frequency and mission success.

According to Benzinga Pro, RKLB stock has gained over 839% in the past year. Investors can gain exposure to the stock via ARK Space Exploration & Innovation ETF (BATS:ARKX).

Price Action: RKLB shares are trading lower by 1.41% to $43.88 at last check on Tuesday.

Read Next:

• Berkshire Hathaway Warns of ‘Adverse Consequences on Most, If Not All, Operating Businesses’ as Q2 Results Reflect Mounting Global Pressures

Photo: Shutterstock