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Astra Space Inc. (NASDAQ: ASTR): Unlocking Growth Opportunity

Astra Space Inc. (NASDAQ:ASTR) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -2.62% to the previous day’s close as strong demand from buyers drove the stock to $0.38.

Actively observing the price movement in the last trading, the stock closed the session at $0.39, falling within a range of $0.3613 and $0.40. Referring to stock’s 52-week performance, its high was $2.69, and the low was $0.35. On the whole, ASTR has fluctuated by -6.36% over the past month.

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With the market capitalization of Astra Space Inc. currently standing at about $100.65 million, investors are eagerly awaiting this quarter’s results, scheduled for Aug 02, 2023 – Aug 07, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0, which is expected to increase to $0 for fiscal year -$0.58 and then to about -$0.27 by fiscal year 2024. Data indicates that the EPS growth is expected to be 44.80% in 2024, while the next year’s EPS growth is forecast to be 53.40%.

Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $28.7 million, representing an increase of 206.30% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that ASTR’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of ASTR currently trading nearly -1.20% and -4.30% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 48.10, while the 7-day volatility ratio is showing 8.72% which for the 30-day chart, stands at 6.46%. Furthermore, Astra Space Inc. (ASTR)’s average true range (ATR) is 0.03. The company’s stock has been forecasted to trade at an average price of $0.65 over the course of the next 52 weeks, with a low of $0.30 and a high of $1.00. Based on these price targets, the low is 21.05% off current price, whereas the price has to move -163.16% to reach the yearly target high. Additionally, analysts’ median price of $0.65 is likely to be welcomed by investors because it represents a decrease of -71.05% from the current levels.

Data on historical trading for Astra Space Inc. (NASDAQ:ASTR) indicates that the trading volumes over the past 10 days have averaged 1.77 million and over the past 3 months, they’ve averaged 1.51 million. According to company’s latest data on outstanding shares, there are 268.30 million shares outstanding.

Nearly 2.50% of Astra Space Inc.’s shares belong to company insiders and institutional investors own 44.00% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 27.36 million shares as on Apr 27, 2023, resulting in a short ratio of 18.61. According to the data, the short interest in Astra Space Inc. (ASTR) stood at 10.10% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 26.37 million. The stock has fallen by -12.45% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the ASTR stock heading into the next quarter.

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