The two space stocks to buy in 2024

The space industry has emerged as one of the most promising sectors in 2024, primarily thanks to SpaceX’s accomplishments.

In 2023, the company broke the record for the most successful space mission with 96 and did it at a far lower cost than NASA ever did, catapulting the demand for space stocks.

Although SpaceX isn’t a publicly traded company, they have contributed to the performance of space stocks in the market.

• Space stocks are performing exceedingly well in the market, and judging by the innovation and accomplishments that the space sector is notable for, their value could quickly skyrocket in the coming months.
• Boeing is an obvious stock to buy in this space. Its vehicles are a main part in the American military, and the company keeps impressive numbers in the market.
• Virgin Galactic Holdings is a different type of space company. It operates in the commercial space flight sector and has successfully completed eleven suborbital flights so far.

The space industry could be the next hot trend in the market, and investors ought to watch for promising space stocks to invest in.

Financial analyst at Trading.biz, Joel Lim, has identified two promising space stocks that every investor should consider for their portfolio. Here’s why you should go all in for Boeing and Virgin Galactic Holdings.

Boeing

Boeing has played an enormous role in American military history, making them an obvious choice for promising space stocks to buy. The company operates the joint venture United Launch Alliance (ULA) with Lockheed Martin, an aerospace and security giant. While ULA is yet to go public, its prospects are undeniable.

For example, ULA will be responsible for launching the majority of Amazon’s Kuiper satellite constellation project. The company is expected to send 3,236 satellites into Earth’s orbit to establish global broadband access.

Joel Lim notes, “Beyond its ULA involvement, Boeing continues to post impressive numbers. Its current share price is $178.35 and could increase in the coming weeks.”

Virgin Galactic holdings

Not many companies are attempting what Virgin Galactic Holdings is: commercializing space travel. Instead of launching satellites and other inanimate objects into space, the company is piloting passenger space flights and has completed eleven of them so far. As regards potential, not many have more than it does.

Furthermore, the company has announced plans to launch Galactic 07 on June 8th, its second spaceflight this year and 12th overall. There’s an expectation that its stock value could increase after the launch, which would be perfect considering that it hasn’t done too well this year. Still, when it comes to space stocks with massive market pump potential, there are no better options than Virgin Galactic Holdings.

Lim notes, “Virgin Galactic Holdings is a different kind of space company, which makes it an exciting bet in the market. It has a first-mover advantage in the commercial space flight industry and could become a highly valuable company in the near future.”