Astra Space Shares Plunge 24% After Latest Launch Failure

Credit: Yahoo Finance

Shares of Astra Space (ASTR) plunged by 24 percent on Monday following the company’s latest launch failure the day before.

Astra Space shares are currently trading at $1.54 on the Nasdaq stock exchange. They closed at $2.02 on Friday before rising to $2.14 in after-hours trading.

Astra Space suffered its fifth orbital launch failure in seven attempts when the second stage of its Rocket 3.3 booster shut down prematurely less than one minute before its engine was to have completed its orbital insertion burn. Two NASA Time-Resolved Observations of Precipitation structure and storm Intensity with a Constellation of Smallsats (TROPICS) spacecraft that were part of a constellation designed to study tropical cyclones were lost in the accident.

The Alameda, Calif.-based company has a contract with NASA for two additional launches that would carry four TROPICS satellites later this year. Those launches will be postponed while Astra Space conducts an investigation into the launch failure.

NASA has said that the TROPICS mission can go forward effectively with only four of the six satellites in orbit.