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Space stock price1/21/2024 ![]() ![]() Earlier this month, Virgin Galactic (NYSE: SPCE) successfully completed its first fully-crewed test flight, which carried its founder Richard Branson to space. July is turning out to be an eventful month for the space industry. That said, things could look up for these stocks. Our theme of Space Stockshas underperformed this year, rising by just about 8% year-to-date, compared to a return of over 17% for the S&P 500. Virgin Galactic, Aerojet Rocketdyne: How Are Space Stocks Doing? On the other side, Maxar Technologies (MAXR) has been the worst performer, with its stock down by about 22% year-to-date. While all the stocks in our theme have meaningfully underperformed the broader markets, Lockheed Martin (LMT) has been the best performer, with its stock up 2% year-to-date. As we’ve noted before, the longer-term outlook for the theme also appears promising, given the shift from government-driven space programs toward enterprise-backed programs and the emergence of a host of space-related opportunities such as reusable rockets, space tourism, and satellite-based Internet. These high-profile developments could bode well for publicly listed stocks with exposure to the space theme. Moreover, Jeff Bezos’ BlueOrigin successfully launched the second crewed mission of its New Shepard rocket on Wednesday. This would make SpaceX the world’s second most valuable private company after China’s Bytedance. Elon Musk backed SpaceX saw its valuation soar to over $100 billion last week as the company made an agreement to sell stock from company insiders. However, there have been a couple of notable developments in the space sector in recent weeks. Our theme of Space Stockshas underperformed this year, declining 7% year-to-date, compared to a return of almost 18% on the S&P 500. ![]()
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