Rocket Lab Stock Has Collapsed 57% From Highs. Here's Why I'm Not Buying (Yet).
Shares of the rocket provider still look expensive today.
Overview
The summer of the space economy is turning into a pumpkin of a fall. Rocket Lab (NASDAQ: RKLB) -- a space stock that saw its shares soar around the Space Exploration Technologies (SpaceX) initial public offering -- has now seen its shares fall 57% from its highs in just a few months.
Today, it trades at a market cap of $38 billion and is slated to try to close its massive deal for Iridium Communications soon. I remain bullish on the company's business prospects as it tries to become the second space economy prime contractor alongside SpaceX.
Details
However, I am still not buying unless shares reach a lower level this year. Here's why.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.