5 Best Space Stocks To Buy According To Hedge Funds

3. Raytheon Technologies Corporation (NYSE:RTX)

Number of Hedge Fund Holders: 53 

Raytheon Technologies Corporation (NYSE:RTX) is a Massachusetts-based aerospace and defense company. It is placed third on our list of 11 best space stocks to buy according to hedge funds.

On August 11, investment advisory Morgan Stanley reiterated an Overweight rating on Raytheon Technologies Corporation (NYSE:RTX) stock and raised the price target to $110 from $97, predicting that the margins of the firm would expand earlier than expected. 

At the end of the second quarter of 2021, 53 hedge funds in the database of Insider Monkey held stakes worth $2.1 billion in Raytheon Technologies Corporation (NYSE:RTX), down from 58 in the preceding quarter worth $2.4 billion.

In its Q4 2020 investor letter, Davis Funds, an asset management firm, highlighted a few stocks and Raytheon Technologies Corporation (NYSE:RTX) was one of them. Here is what the fund said:

“In today’s uncertain economy, we believe we have found such businesses trading at bargain prices in two sectors: industrials and financials. In the industrial space, concerns about the impact of the economic downturn on short-term profitability led to a wave of selling in a select group of leaders with durable competitive advantages, long records of profitability and bright long-term prospects. Companies like Raytheon Technologies is a wonderful example of attractive investments in this sector.”