Bank of America Securities downgraded Astra Space Inc (NASDAQ:ASTR) to Underperform and lowered its price target from $7 to $4 based on the company’s repeated problems with rocket launches and an ongoing criminal investigation of two executives.
What Happened: On Feb. 10, the company’s 43-foot-tall Launch Vehicle 0008 (LV0008) took off on the ELaNa 41 mission from the Cape Canaveral Space Force Station in Florida with four satellites destined for orbit. But three minutes into the flight, a problem occurred after the rocket’s first and second stages separated, which resulted in the rocket going off its trajectory.
