RKLB is trading 4.3% down at $141.68, joining a broader sell-off across the space sector following negative industry news. The pullback comes after the stock rallied significantly, climbing from $127.31 on May 19 to a peak of $148.03 on May 28.
- The space sector is under pressure after a Blue Origin New Glenn rocket exploded on the launch pad during an engine test on the evening of May 28. [14]
- Sentiment was further dampened by reports on May 29 that SpaceX's anticipated IPO valuation might be lower than the $2 trillion previously expected. [15, 16]
- This external, sector-wide news appears to have triggered profit-taking in RKLB and other space stocks after a period of strong gains.