Astra Space, Inc. (NASDAQ:ASTR) shares are trading higher Tuesday. The stock may be rebounding following a rough prior week.
What To Know: One of the main factors impacting stocks last week was the release of inflation numbers last Thursday which were perceived as hotter-than-expected, causing concern amongst investors. The Consumer Price Index (CPI) rose by 3.7% year-on-year which exceeded the expected figure of 3.6%.
Astra Space stock, as well as the industrial sector at large, traded lower due to the market weakness following the CPI data.
Shares of the stock began to shake off last week's woes on Monday, with the stock soaring on unusually high volume on Tuesday. According to data from Benzinga Pro, the stock experienced above-average trading volume of 2.70 million shares on Tuesday compared to its average volume of 206,391.
Astra Space stock also has high short interest, with 12.07% of shares currently sold short, which may be behind the spike in price.
Despite Tuesday's gain, the stock is down 85.71% year-to-date.
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ASTR Price Action: Shares of ASTR were up 23.1% at $0.93 at the time of publication, according to Benzinga Pro.
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