5 Penny Stocks That Can Explode in 2022

In this article, we discuss the 5 penny stocks that can explode in 2022. If you want to read our comprehensive analysis of the penny stocks, go directly to 10 Penny Stocks That Can Explode in 2022.

5. Astra Space, Inc. (NASDAQ:ASTR)

Number of Hedge Fund Holders: 11

Share Price (as of March 18): $4.59

Astra Space, Inc. (NASDAQ:ASTR) is a space launch company that deals in satellite launch services in the United States. Its services include payload deliveries to sun-synchronous and low-inclination orbit missions.

Deutsche Bank analyst Edison Yu on January 27 maintained a ‘Buy’ rating on Astra Space, Inc. (NASDAQ:ASTR) shares and revised the price target to $7 from $13. He thinks the firm has been negatively impacted by “very poor” investor sentiment towards the sector in general, and investors did not fully appreciate that its LV0007 rocket successfully reached orbit for the time in late November.

On January 27, the National Aeronautics and Space Administration (NASA) awarded Astra Space, Inc. (NASDAQ:ASTR) the Venture-Class Acquisition of Dedicated and Rideshare Launch Services contract, which includes clauses for indefinite delivery and indefinite quantity. This contract has a five-year ordering period with a maximum total value of $300 million, and adds to the four contracts for launches that NASA has already signed with Astra Space, Inc. (NASDAQ:ASTR) for delivery in 2022.

In the fourth quarter of 2021, 11 hedge funds held stakes in Astra Space, Inc. (NASDAQ:ASTR) with a combined worth of $63.5 million. This is down from 13 hedge funds with stakes in the firm in the previous quarter.