Why Astra Space Stock Rocketed Higher This Week
Astra Space (NASDAQ:ASTR) believes it knows what went wrong during a failed test launch, and the company is preparing to try again. The news sent the shares sky high, up nearly 14% for the week as of Thursday afternoon.
Astra Space, which joined public markets back in July via a merger with a special purpose acquisition company (SPAC), saw its shares plunge in August after a failed test launch. The company's rocket appeared to move sideways from liftoff, and after about two minutes and 30 seconds of flight, the crew back on Earth issued an all-engine shutdown.
Space testing is hard, and some setbacks are to be expected. But the results left investors wondering what had gone wrong, and whether there was an easy fix.
More on: www.fool.com