Why Rocket Lab Stock Plummeted Today
SpaceX had a successful IPO and soared in its first trading day. So why did Rocket Lab stock fall rapidly?
Overview
Rocket Lab (NASDAQ: RKLB) suffered a big sell-off in Friday's trading despite a bullish backdrop for the broader market. The company's share price closed out the day down 10..8%. For comparison, the S&P 500's level rose 0.5% in the session, and the Nasdaq Composite climbed 0.6%.
Rocket Lab's valuation moved lower today in conjunction with SpaceX's initial public offering (IPO). While Rocket Lab now trades down roughly 32% from its lifetime high, it's still up 275% over the last year.
Image source: Getty Images.
Details
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.