In this article, we discuss the 5 best space stocks to buy according to Wall Street analysts. If you want to read our detailed analysis of these stocks, go directly to 10 Best Space Stocks to Buy According to Wall Street Analysts.
5. RTX Corporation (NYSE:RTX)
Number of Hedge Fund Holders: 63
Upside Potential as of December 23: 27%
RTX Corporation (NYSE:RTX) is a Massachusetts-based defense manufacturer. On December 19, investment advisory TD Cowen maintained an Outperform rating on RTX Corporation (NYSE:RTX) stock and raised the price target to $106 from $99, noting there was PW1100 headline risk until mid-2024, however, given the long-term franchise value, the company looked positioned to rebound in 2024.
At the end of the third quarter of 2023, 63 hedge funds in the database of Insider Monkey held stakes worth $1.6 billion in RTX Corporation (NYSE:RTX), up from 56 in the preceding quarter worth $1.3 billion.
In its Q3 2023 investor letter, Carillon Tower Advisers, an asset management firm, highlighted a few stocks and RTX Corporation (NYSE:RTX) was one of them. Here is what the fund said:
“RTX Corporation (NYSE:RTX) lowered its free cash flow guidance for the year due to a new issue in its jet engine business. Although the company’s management has a solution, the total implementation cost remains unknown, which caused the stock to react negatively.”
4. HEICO Corporation (NYSE:HEI)
Number of Hedge Fund Holders: 46
Upside Potential as of December 23: 27%
HEICO Corporation (NYSE:HEI) markets electronics products for the aerospace industry and is headquartered in Florida. On December 20, investment advisory Truist maintained a Buy rating on HEICO Corporation (NYSE:HEI) stock and raised the price target to $229 from $190, noting that improving defense sales would drive modest organic revenue acceleration for the firm as the commercial aero aftermarket also provided tailwinds to operations.
Among the hedge funds being tracked by Insider Monkey, China-based investment firm Gobi Capital is a leading shareholder in HEICO Corporation (NYSE:HEI) with 524,706 shares worth more than $67 million.
3. Rocket Lab USA, Inc. (NASDAQ:RKLB)
Number of Hedge Fund Holders: 11
Upside Potential as of December 23: 28%
Rocket Lab USA, Inc. (NASDAQ:RKLB) is a space company, provides launch services and space systems solutions for the space and defense industries. On December 23, investment advisory Roth MKM maintained a Buy rating on Rocket Lab USA, Inc. (NASDAQ:RKLB) stock with a price target of $7, noting the firm announced the addition of a large US government customer contract worth $515 million that represents the second large spacecraft construction win following the Globalstar win in 2022, improving the multi-year revenue visibility for the business.
At the end of the third quarter of 2023, 11 hedge funds in the database of Insider Monkey held stakes worth $41 million in Rocket Lab USA, Inc. (NASDAQ:RKLB), compared to 10 the preceding quarter worth $110 million.
2. Spire Global, Inc. (NYSE:SPIR)
Number of Hedge Fund Holders: 5
Upside Potential as of December 23: 231%
Spire Global, Inc. (NYSE:SPIR) operates from Virgina and markets space-to-cloud data and analytics. It focuses on the tracking of global datasets accumulated from a nanosatellite constellation. On November 9, investment advisory Stifel maintained a Buy rating on Spire Global, Inc. (NYSE:SPIR) stock and lowered the price target to $24 from $26, noting the firm reported better-than-expected Q3 results, with a slight revenue beat and meaningfully outperformance on margins.
At the end of the third quarter of 2023, 5 hedge funds in the database of Insider Monkey held stakes worth $1.2 million in Spire Global, Inc. (NYSE:SPIR), compared to 11 the preceding quarter worth $3.5 million.
1. AST SpaceMobile, Inc. (NASDAQ:ASTS)
Number of Hedge Fund Holders: 9
Upside Potential as of December 23: 278%
AST SpaceMobile, Inc. (NASDAQ:ASTS) markets space-based cellular broadband services and is headquartered in Texas. On November 21, investment advisory Deutsche Bank maintained a Buy rating on AST SpaceMobile, Inc. (NASDAQ:ASTS) stock and lowered the price target to $23 from $32, noting the business plan of the firm was progressing but funding was an ongoing process.
At the end of the third quarter of 2023, 9 hedge funds in the database of Insider Monkey held stakes worth $9 million in AST SpaceMobile, Inc. (NASDAQ:ASTS), compared to 14 the preceding quarter worth $32 million.
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