Astra Space (NASDAQ:ASTR) stock is on the move Tuesday as investors react to news of an upcoming space launch.
The Federal Aviation Administration (FAA) is expected to grant Astra Space a launch license that will allow it to send up a rocket from Cape Canaveral, Fla. The FAA expects to issue this license to the company by Feb. 4.
It’s likely that Astra Space will get the license soon as it’s already planning for a launch this weekend. The company plans to send a shuttle up on Feb. 5, which is this coming up Saturday. A live stream of the launch will start at noon Eastern Time.
Another thing to highlight is that this license would be the first granted under the new Part 450 process. This speeds up the granting of launch licenses with the current one only taking three months to get. That, in combination with the license being granted to Astra Space, could make it easier for the company to increase the rate of launches.
Astra Space’s big focus is on delivering payloads to low Earth orbit. That includes various satellites of up to 1,100 pounds. This is part of the company’s goal to “improve life on Earth from space.”
News of the launch license has investors taking extra interest in ASTR stock today. As a result, some 10 million shares of the stock have changed hands. That’s nearly double the company’s daily average trading volume of 5.6 million shares.
ASTR stock started off strong this morning before falling back to ground levels. As of this writing, shares are down nearly 1%.
There’s more stock market news for traders to check out below!
We’ve got all the latest stock coverage that investors need to know about for Tuesday! Among that is this morning’s biggest pre-market stock movers, Best Buy (NYSE:BBY) metaverse talk, as well as Voyager (CCC:VGX-USD) price predictions. You can find all of that info at the following links!
More Tuesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Could BBY Stock Be the Next Big Metaverse Bet? One Analyst Thinks So.
- Voyager Price Predictions: How High Can the Red-Hot VGX Crypto Go?
On the date of publication, William White 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.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed