In this piece, we will take a look at the five best space stocks to buy according to hedge funds. To find out all about the recent events in the space industry and why space stocks are quite unique, check out 12 Best Space Stocks To Buy According To Hedge Funds.
5. Telesat Corporation (NASDAQ:TSAT)
Number of Q4 2023 Hedge Fund Shareholders: 14
Telesat Corporation (NASDAQ:TSAT) is a Canadian company that is one of the oldest space stocks on our list as it was set up in 1969. The firm expanded its global presence in February by signing an agreement to build LEO satellites with a British firm.
Insider Monkey dug through 933 hedge fund portfolios for last year’s fourth quarter and found that 14 had held a stake in the firm. Telesat Corporation (NASDAQ:TSAT)’s biggest investor in our database of hedge funds is Mark Rachesky’s HR Fund Management due to its $188 million investment.
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Follow Telesat Corp
4. EchoStar Corporation (NASDAQ:SATS)
Number of Q4 2023 Hedge Fund Shareholders: 24
EchoStar Corporation (NASDAQ:SATS) is an American firm known for its satellite internet networks that provide coverage all over the world. 2024 has been quite an important year for the firm as it sees EchoStar Corporation (NASDAQ:SATS) become one of the biggest satellite companies in the world after a $26 billion acquisition of the iconic American firm, DISH Network.
During 2023’s December quarter, 24 out of the 933 hedge funds part of Insider Monkey’s database had bought EchoStar Corporation (NASDAQ:SATS)’s shares. Alan Fournier’s Pennant Capital Management was the largest shareholder due to its 35 million stake.
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Follow Echostar Corp (NASDAQ:SATS)
3. Northrop Grumman Corporation (NYSE:NOC)
Number of Q4 2023 Hedge Fund Shareholders: 45
Northrop Grumman Corporation (NYSE:NOC) marks the entry of ‘big space’ in our list of the best space stocks. While it is a diversified defense contractor, the firm operates a cargo ship for NASA and is developing a new rocket system. Its partnership with NASA also saw Northrop Grumman Corporation (NYSE:NOC) finish a new solid rocket booster for testing as part of NASA’s Moon rocket called the Space Launch System (SLS).
By the end of last year’s fourth quarter, 45 out of the 933 hedge funds covered by Insider Monkey’s research were the firm’s investors. Northrop Grumman Corporation (NYSE:NOC)’s biggest stakeholder among these is Donald Yacktman’s Yacktman Asset Management as it owns $189 million worth of shares.
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Follow Northrop Grumman Corp (NYSE:NOC)
2. Lockheed Martin Corporation (NYSE:LMT)
Number of Q4 2023 Hedge Fund Shareholders: 58
Lockheed Martin Corporation (NYSE:LMT) is the well known American defense contractor with one of the most technologically advanced space divisions in the world. It’s Orion spacecraft has already made it to the Moon this century, and February 2024 saw the firm share that it has had to grow small satellite manufacturing capacity on the back of strong demand.
After scouring through 933 hedge funds for their December quarter of 2023 shareholdings, Insider Monkey found that 58 had held a stake in Lockheed Martin Corporation (NYSE:LMT). Josh Overdeck and David Siegel’s Two Sigma Advisors was the largest investor as it owned 772,600 shares that were worth $350 million.
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Follow Lockheed Martin Corp (NYSE:LMT)
1. The Boeing Company (NYSE:BA)
Number of Q4 2023 Hedge Fund Shareholders: 69
The Boeing Company (NYSE:BA) is the American mega defense contractor headquartered in Arlington, Virginia. February 2024 saw the firm share updates about its Starliner spaceship, with a launch targeted for April 2024 amidst a flurry of reports that have criticized The Boeing Company (NYSE:BA) for a ‘safety disconnect’.
As of Q4 2023 end, 69 out of the 933 hedge funds covered by Insider Monkey’s research were the firm’s investors. The Boeing Company (NYSE:BA)’s biggest stakeholder among these is Ken Fisher’s Fisher Asset Management due to its $1 billion investment.
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Follow Boeing Co (NYSE:BA)
Disclosure: None. You can also take a look at Bill Gates’ 16 Dividend Stocks To Buy and 12 Best Medical Stocks to Buy Under $10.
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