Astra Space, Inc. (ASTR), an American launch vehicle company, revealed its plan to launch its first satellite into orbit for the National Aeronautics and Space Administration (NASA) in January 2022. Markedly, Astra’s first launch from Cape Canaveral will take place out of Space Launch Complex 46 (SLC-46).
Shares of the company closed 6.2% lower on Monday.
Astra and Space Launch Delta 45, part of the United States Space Force, enabled Astra to launch out of Cape Canaveral in a record approval time of a few months.
The Commander of Space Launch Delta 45, Brigadier General Stephen Purdy, said, “This historic launch site has been prepared for a new commercial launch partner in less than a year, which is a tremendous milestone for our combined team, and illustrates how SLD 45 sets the pace for access to space.”
“SLD 45, Space Florida, and Astra have moved at a rapid speed to demonstrate critical and responsive launch capabilities. We are excited to welcome Astra to Cape Canaveral Space Force Station,” Purdy added. (See Astra Space stock charts on TipRanks)
The Chief Business Officer at Astra, Martin Attiq, commented, “Launching out of the Cape allows us to serve customers with mid-inclination delivery needs, broadening our market. This is an additional step in our global spaceport strategy and positions us to serve the broad low earth orbit (LEO) market.”
Wall Street’s Take
On November 22, Deutsche Bank analyst Edison Yu maintained a Buy rating and a price target of $13 (51.34% upside potential) on the stock.
Overall, the stock has a Hold consensus rating based on 1 Buy and 1 Sell. The average Astra Space price target of $11 implies 28.06% upside potential to current levels. Shares have fallen 13.7% over the past year.
According to the new TipRanks Risk Factors tool, Astra’s main risk category is Finance and Corporate, which accounts for 83% of the total 75 risks identified for the stock.
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