Halfway Into 2024, This Cathie Wood Stock Is Down 9%. But Does Recent News Suggest It Could Be Headed for the Moon?
With the halfway mark of 2024 close at hand, your portfolio has likely generated some abnormally high returns in select areas. Sectors including technology and energy have performed particularly well.
One stock that hasn't fared so well is Rocket Lab USA (NASDAQ: RKLB). As of June 21, share prices of the space exploration business are down 9% in 2024. Despite the drop (or maybe because of it?), Ark Invest CEO Cathie Wood has been steadily adding to her position in Rocket Lab over the last couple of months through her ARK Space Exploration & Innovation ETF and ARK Autonomous Technology & Robotics ETF. It's possible Wood is using a dollar-cost averaging strategy to lower her cost basis in Rocket Lab, as the stock currently trades near all-time lows.
Let's dive into why this could end up being a lucrative move by Wood and assess if Rocket Lab shares could be headed higher.
Source Fool.com
