While attempting to get rich in the capital markets always presents extraordinary risks, if you’re committed to this framework, the top space stocks offer a better chance than many if not most other equity sectors. For example, the agriculture segment is critical but you’re probably not going to get rich off any agribusinesses.
On the flip side, millionaire maker space stocks present a far different narrative. Based on information provided by McKinsey & Company, the space economy reached a market valuation of $447 billion, up from $280 billion in 2010. Moreover, the sector could skyrocket to $1 trillion by 2030, thus shining a bright spotlight on the best space stocks.
Moreover, the broader segment offers diverse opportunities for space economy operators. From rocket science to satellite technology, the final frontier facilitates profound opportunities. With that, below are space stocks with high returns.
Rocket Lab (RKLB)
Although a speculative entry to top space stocks, Rocket Lab (NASDAQ:RKLB) has recently been firing on all cylinders after some earlier hiccups. Several days ago, the company successfully launched seven satellites for NASA, along with the Space Flight Laboratory (under the University of Toronto Institute for Aerospace Studies) and Spire Global (NYSE:SPIR).
In particular, Rocket Lab flawlessly completed its primary mission of deploying customer satellites to orbit. As well, Rocket also recovered part of the underlying rocket component that propelled said satellites, making it the first-of-its-kind reusable launching platform.
Enticingly, according to Mordor Intelligence, the satellite manufacturing and launch systems market may hit $359.6 billion by 2028, a sizable leap from the sector’s current valuation of $190.8 billion. Therefore, RKLB makes a strong case for millionaire maker space stocks.
If that wasn’t enough to whet your appetite, Wall Street analysts peg RKLB as a unanimous strong buy. On average, their price target lands at $10.90, implying 43% upside potential. The high side price target of $14 implies nearly 84% growth, tempting RKLB as one of the space stocks to buy now.
ViaSat (VSAT)
For those that don’t mind dialing up the risk factor with their top space stocks in exchange for massive upside possibilities, ViaSat (NASDAQ:VSAT) could be a tempting proposition. On the chart, VSAT appeared poised for a solid second half. However, ViaSat recently reported that its satellite suffered an “unexpected event” during reflector deployment. Given the seriousness of the issue, VSAT tumbled more than 23% in the trailing month.
Obviously, it’s not the news that investors wanted to hear. At the same time, patient contrarians may scoop up a scientifically compelling enterprise for cheap. Given their geostationary profile, ViaSat satellites provide an expansive coverage area. Therefore, it has significant implications for the telecommunications industry. In addition, in-flight connectivity (IFC) already represents a high-growth revenue stream for the company.
Symbolizing one of the best space stocks with high returns, analysts peg VSAT as a consensus moderate buy. On average, their price target comes in at $54.25, implying nearly 79% upside potential.
Planet Labs (PL)
A San Francisco, California-based Earth imaging company, Planet Labs (NYSE:PL) focuses on a primary goal: to image the entirety of our planet daily to monitor changes and pinpoint trends. Naturally, this visibility presents scientists with the tools necessary to study and ultimately address climate change. Given that we all need to share this home, PL brings a powerful narrative to top space stocks.
In addition, Planet Labs has been instrumental in the geopolitical realm. For example, The New York Times used the service to detect and analyze the Chinese balloon that caused much uproar earlier this year. More recently, Planet’s satellite images showed the scale of flooding associated with the destroyed Kakhovka dam in Ukraine, an incident that the Russians likely catalyzed.
Given the practical services that Planet provided, it’s no shock that PL rates as one of the space stocks to buy now, according to Wall Street analysts. Market experts peg PL as a strong buy with a $6.45 price target, implying an almost 93% upside.
On the date of publication, Josh Enomoto 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.
