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Aerospace Investors: NASA Just Sent This Tech Stock Rocketing

With the news that NASA has selected Maxar Technologies (TSX:MAXR)(NYSE:MAXR) as its first contractor to help construct its Gateway platform, a strategic lunar outpost for its astronauts, the TSX-listed tech stock has soared out of the doldrums and into growth investors’ watch lists.

Maxar Technologies will help build and test a new spacecraft for NASA, working on the power, propulsion, and communications elements. The Gateway platform project has a 2024 completion date, with the overall aim of returning humans to the lunar surface.

Is this stock headed to infinity and beyond?

Up 8.51% over the last five days and still climbing, Maxar Technologies stock is soaring on the good news from NASA. With a 97.9% estimated growth in earnings expected over the next one to three years, this stock is now looking like a must-have for tech and aerospace fans alike. Its sudden place in the spotlight and positive outlook also make it a strong choice for the general growth investor.

Selling at a mere 12th of its fair value with a sober P/B ratio of 0.8 times book, Maxar Technologies is as cheap as they come and certainly undervalued for a tech stock. It’s been in the bargain basement for some time now, with a share price that has been in decline for around a year and a half, with the exception of several rallies of diminishing size.

Some inside buying over the past three months seems to suggest that confidence was already climbing among Maxar Technologies’s inner circle. Combined with good value for money, this insider confidence and solid new partnership make Maxar Technologies one of the most interesting stocks on the TSX index at the moment for a long-term investor looking for the sort of stock that would normally be a more speculative play.

A stock to ride from ground level to the moon

In a press release, Dan Jablonsky, CEO of Maxar Technologies, stated, “Maxar Space Solutions is proud to play a critical role in enabling American astronauts to build a sustainable presence on the Moon.” Jablonsky went on to add that Maxar Technologies’s “Space Solutions group serves the global commercial and U.S. government satellite market,” in addition to fast-tracking off-world exploration and benefitting U.S. industry through the company’s commercial abilities.

With space exploration all but certain to be a growth industry in the near future, this kind of involvement with developing technologies to be used in space industry is sure to put Maxar Technologies stock firmly on the map, if it wasn’t before. Investors may also want to consider other investments in the tech and aerospace sectors, such as Boeing and Lockheed Martin, as well as any business connected with Blue Origin and SpaceX.

The bottom line

With Maxar Technologies firmly under NASA’s wing, investors can expect good things from this tech stock that’s been out in the cold for a while now. Its combination of excellent value for money, high expected annual growth in earnings, and a forward annual dividend yield of 0.54% add up to what could end up being one of the best high-performance stocks of the near future.

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Fool contributor Victoria Hetherington has no position in any of the stocks mentioned. Maxar is a recommendation of Stock Advisor Canada.

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