Astra Space, Inc. (ASTR) gained in the current market, Here is why?

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The stock of Astra Space, Inc. (ASTR) gained in the current market as soon as the news hit the market that their rocket reached for the very first time in orbit. The stock price in the current market reached $13.18, gains 38.27% from the previously closed value. In the last trading session, the stock closed at $9.53. The average volume of stock traded in the trading session was around 3.08 Million.

ASTR rocket reaches orbit for the first time and its effect on their company’s stock

Astra space, a rocket manufacturing company announced on 20 November 2021 that Astra reached orbit. The company’s rocket reached the target orbit in 9 minutes after liftoff. After the news hit the market, the stock gained a value of almost 37% in the premarket today. Elon Musk, the SpaceX founder and CEO also congratulated AstraSpacefor achieving an important milestone. He wrote in a tweet to Astra that “Congrats! Orbit is not easy”. With this Astra Space enter the club of companies that achieved to reach orbit with a privately funded rocket. Before Astra Space, Virgin Orbit and Rocket Lab were the only ones to reach orbit with privately funded rockets.

Astra Space, Inc. (ASTR) Financial Highlights of 3rd quarter

  • The company announced a GAAP Net loss was $16.2 million for the 3rd quarter that ended on 30th September 2021.
  • Their adjusted Net loss was $34.5 million.
  • The company announced its EBITDA loss to be #32.9 million.
  • The company reported a capital expenditure of $9.9 million.
  • The company’s cash and cash equivalents were reported to be $378.7 million.

Major Business achievements in the 3rd quarter:

  • Astra Space conducted their commercial test launch of LV0006 for SpaceForce on 28 August 2021.
  • The company started to expand the Alameda production facility and the company expects that the first phase of the expansion project will finish by the end of the 4rth quarter.
  • Astra Space achieved orbital ignition of the first-in-space electric propulsion system, acquired from Apollo Fusion.
  • The company announced that they expanded their talented team, the added team members are the former employees from Apple, Google, Maxar, and Blue Origin.

Conclusion:

Astra Space, Inc. (ASTR) achieved an important milestone to reach orbit after many failed attempts. After this success, the investors took a high interest in their stock, which resulted a significant gain in their stock. With such massive successes, Astra Space, Inc. (ASTR) could be another favorite tech company for investors to invest.

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