Investors' portfolios are predominantly packed with the stocks of companies that operate on our pale blue dot. But there are other opportunities for investments that are out of this world.

Although many space stocks are highly speculative and may not be within the risk tolerance levels of most investors, Rocket Lab (NASDAQ: RKLB) offers a compelling investment opportunity. And with the stock's recent decline, investors can scoop up shares on the cheap.

Shares of Rocket Lab haven't fared well in 2022. While the S&P 500 has plunged nearly 17% year to date, Rocket Lab's stock has plummeted about 64%. This underperformance, however, doesn't reflect a catastrophic failing of the company; the stock has simply found itself among waves of investors who have eschewed growth stocks such as Rocket Lab.

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Source Fool.com