Jim Cramer Says Rocket Lab is "Beloved By Younger Retail Investors"

Rocket Lab Corporation (NASDAQ:RKLB) is one of the stocks Jim Cramer highlighted recently. Cramer noted that the stock has been “trading sideways” for a couple of months and said:

“The stock ran out of steam in July, and since then, it’s gradually come off its highs, mostly trading sideways for the past two months. This… consolidation… I know that Bob likes very much. Of course, Lang (chartist Bob Lang) points out the Rocket Lab’s still up roughly 220% from its April lows. It’s a rally that’s mainly occurred on heavy volume. This is one of those stocks that’s beloved by younger retail investors, although Lang thinks it’s starting to attract interest from big institutional money managers too.

He sees the stock’s recent pullback to the 50-day moving average… as another chance to buy the dip. And I know many of you probably think dip? But in this… speculative world, that is a dip. When you look at the action over the summer, Rocket Lab pulled back hard, then rebounded dramatically on high volume a few weeks ago before cooling off again.

When you look at the on-balance volume, again… and also the moving average convergence divergence… You get some really good buy interest. It is due. This is a $47 stock that could move above $60 in short order. I like that move. And you know what? If the Fed gets aggressive cutting interest rates, all these speculative names are just going to roar higher. So… let’s think about Rocket Lab. That one looks very right.”

Rocket Lab Corporation (NASDAQ:RKLB) provides launch services, spacecraft systems, and on-orbit solutions for commercial and government customers. The company develops and manufactures rockets such as Electron for small payloads and Neutron for larger missions and future human spaceflight.

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Disclosure: None. This article is originally published at Insider Monkey.