Why Rocket Lab Stock Is Plummeting Today
Shares of Rocket Lab Corp (NASDAQ: RKLB) are falling on Wednesday, down 11% as of 3:24 p.m. ET. The drop comes as the S 500 was flat, and the Nasdaq Composite gained 0.5%.
The SpaceX competitor and rocket builder's stock flew higher yesterday after it announced the completion of a new launch pad. Today, shares are falling as investors reassess its substantial valuation.
Rocket Lab has garnered a lot of attention from retail investors, helping drive shares more than 600% higher in the last year. That's because Rocket Lab is seen as a serious contender that could challenge Elon Musk's SpaceX for dominance in the space exploration market. A key element in its ability to do so is the successful development of Neutron, its heavy-lift rocket that can compete with SpaceX for major payloads.
Source Fool.com
