Why Astra Space Stock Popped 13% -- Then Dropped
Shares of start-up defense contractor and space launch provider Astra Space (NASDAQ: ASTR) got a big lift last week after the company announced the United States Space Force had awarded it a multi-launch contract, with its first test payload (STP-27AD1) scheduled to go up as soon as Aug. 27 and a second, operational payload launching "later this year."
Today, the stock got another boost from the Department of Defense -- rising 13% early in the morning -- after Astra revealed it has won an "Orbital Services Program (OSP)-4 Indefinite Delivery/Indefinite Quantity (IDIQ) contract" from the Space Force.
Of course, Astra's stock price has already retreated from that high. In fact, as of 11 a.m. EDT, Astra stock is up just 2% -- so why is that?
Source Fool.com
