Big news for internet lovers everywhere: e-retailing giant Amazon (NASDAQ:AMZN) recently launched its Project Kuiper satellites for testing, and the results of said tests are in, which helped push Amazon up somewhat in Monday morning’s trading.
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About a week and a half ago, Amazon launched two satellites of the kind that will comprise the Project Kuiper network into orbit, borne into space on the strong back of an Atlas V rocket. Said satellites are collecting solar energy and sending and receiving signals, Amazon noted, which is exactly what they were supposed to be doing all along. Their orbits are stable, and they’re passing along their signals as expected. Already, Amazon is learning more about what the project will ultimately take, which brings it one step closer to completion.
But don’t get out your credit cards just yet. Having Amazon for your new internet service provider (ISP) is still some time away, reports note. Amazon plans to start producing the satellites before this year is out, and launch will follow in the first half of 2024. Beta testing with commercial customers will follow in the second half of the year. That means that regular users won’t see this as a possibility until at least 2025, and if the beta testing falters in some way, perhaps not even then. Still, for those whose internet options are limited, the news of a new provider will arrive not a moment too soon.
Is Amazon Stock Worth Having?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMZN stock based on 40 Buys and one Hold assigned in the past three months, as indicated by the graphic below. Furthermore, the average AMZN price target of $649.82 per share implies 33.64% upside potential.
