What happened

Rocketing higher on Cathie Wood's buy list, shares of Rocket Lab (RKLB 0.24%) have grown to occupy increasingly larger positions in two ARK funds this week. Consequently, the stock has reversed course from its 18.4% decline during the last week of trading in September, gaining altitude over the past few days. As of 12:21 p.m. ET, shares of Rocket Lab are up 8.6% this week, having retreated from an earlier climb of 12%, according to data from S&P Global Market Intelligence.

So what

After shares of Rocket Lab came down to Earth last week, Cathie Wood recognized an opportunity to pick up shares at a discount -- and it wasn't on just one day. The ARK Space Exploration ETF and ARK Industrial Innovation ETF have each bought shares of Rocket Lab every day from Monday through Thursday. As a result of the shopping spree, the ARK Space Exploration ETF and ARK Industrial Innovation ETF have added 92,446 shares and 330,001 shares, respectively.

Rocket Lab announced this week that it's currently making preparations for the 31st launch of its Electron rocket and 151st satellite, which is scheduled for Oct. 7. The satellite will carry the Argos-4 Advanced Data Collection System, which the National Oceanic and Atmospheric Administration will use to help collect data regarding a variety of Earth systems, including weather and climate, biodiversity and ecosystems, maritime security, offshore pollution, and humanitarian assistance.

Now what

While Cathie Wood has clear enthusiasm for Rocket Lab's stock, it's important for growth investors to recognize that blindly following the moves of famous investors is a strategy fraught with risk. Therefore, those who are interested in flying with Rocket Lab should do their due diligence before starting positions.