Rocket Lab Stock Has Had a Rocky 2023: Should You Buy It While It's Down?
The growth stock party has returned in late 2023. Space flight start-up Rocket Lab (NASDAQ: RKLB) has joined in, with shares up 20% in the last month alone. It has been a volatile year for the company, which is trying to build a vertically integrated rocket launching business to compete with private leader SpaceX in the fast-growing space economy. At one point shares of Rocket Lab were up over 100% year to date (YTD), and they're now up 37% so far in 2023. But if we look at a multiyear timeline, the stock is off over 75% from all-time highs, putting many investors in the red.
Down 75% from all-time highs, is 2024 finally going to be the year Rocket Lab stock turns the corner? Let's see if now is the time to buy Rocket Lab while the is stock trading at a discounted price.
Rocket Lab has ambitious plans. It wants to become one of the backbones of the fast-growing space economy, helping companies launch items such as satellites into orbit (and eventually to the moon and beyond). Some analysts expect the space economy to hit $1 trillion by 2030, providing Rocket Lab with a monstrous opportunity if it can hit its product goals.
Source Fool.com
