5 Best Space Stocks to Buy Now

In this article, we discuss the 5 best space stocks to buy now. If you want to read our detailed analysis of these stocks, go directly to 10 Best Space Stocks to Buy Now.

5. Iridium Communications Inc. (NASDAQ: IRDM)

Number of Hedge Fund Holders: 18  

Iridium Communications Inc. (NASDAQ: IRDM) is ranked fifth on our list of 10 best space stocks to buy now. The company operates from Virginia and provides mobile and data communication services to businesses and consumers. 

On August 3, investment advisory Morgan Stanley initiated coverage of Iridium Communications Inc. (NASDAQ: IRDM) stock with an Overweight rating and a price target of $50, noting the firm could double service revenue growth by 2023. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm ARK Investment Management is a leading shareholder in Iridium Communications Inc. (NASDAQ: IRDM) with 13.5 million shares worth more than $543 million. 

In its Q4 2020 investor letter, Baron Growth Fund, an asset management firm, highlighted a few stocks and Iridium Communications Inc. (NASDAQ: IRDM) was one of them. Here is what the fund said:

“Iridium Communications Inc., a leading satellite communications provider, rose after results demonstrated resiliency despite exposure to pandemic impacted verticals. Iridium is uniquely able to offer commercial customers true global voice and data coverage. Iridium’s Certus products have a growing pipeline with Maritime and Department of Defense customers, which should add to growth as installations accelerate. The company also saw strong growth in consumer-facing channels, which are benefiting from attractive secular trends.”