Today, one of the big movers in the market is Astra Space (NASDAQ:ASTR). Indeed, at the time of writing, ASTR stock is up nearly 14% on heavy volume.
Today’s move is yet another spike for this space-related business. The company’s business model — launching rockets and satellites into orbit — is as intriguing a stock as any in the market right now.
Like other space stocks, ASTR stock has been on a wild ride this year. Astra Space has spiked and fallen on a number of occasions this year. With a 52-week range of $7.34 to $22.37, some investors have viewed this stock as simply too volatile to touch.
That said, even after today’s rise, ASTR stock trades around the $8.50 level. Accordingly, some aggressive growth investors may want to give this stock a look.
Let’s dive into what’s driving Astra Space higher today.
ASTR Stock Surges on Launch Update for U.S. Space Force
The U.S. Space Force, a Trump-era creation, has flown under the radar somewhat in recent years. That said, this organization has been quietly working behind the scenes to solidify American interests in outer space.
Among the companies the U.S. Space Force has partnered with is Astra Space. Today, Astra Space announced an update on the launch window for an upcoming commercial orbital launch for the U.S. Space Force.
This launch will be the Space Test Program’s second mission. Launch Vehicle LV0007 will happen sometime within the launch windows of Oct. 27 and Oct. 31, or Nov. 5 and Nov. 12. It’s expected this launch will take place in Alaska.
Astra Space also provided an operational update on its investigation into the engine abort on Aug. 28. Since then, shares of ASTR stock have lost approximately 30%.
The company noted that issues with the propellant system caused the abort. Upon analyzing the data, the company instituted three key changes to avoid such a situation during this next launch.
Today, investors seem to like what they see and are buying into this growth stock.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.