- SIDU stock soars on news of NASA contract.
- SIDU is a space as a service company based in Cape Canaveral, Florida.
- SIDU launched via SPAC on the stock market in December 2021.
Sidus Space (SIDU) stock is heading to the moon, to borrow a phrase from the wildly successful but now nearly extinct AMC Apes. Some of you reading may take offense to that. They are not extinct but definitely under pressure as stock markets continue their journey south this year. Former retail darlings are few and far between, and the kind of super spikes we saw in meme stocks are becoming rarer sights. Redbox (RDBX) is the latest one, which is working quite well as a short squeeze. The reason though for the sharp move higher in Sidus Space stock is just more a case of some strong fundamental news. SIDU closed up 63% on Thursday following on from a gain of 225% on Wednesday. So why the rocket launch?
SIDU stock news
Simply put, the award of a potentially lucrative contract from NASA has the potential to transform the fortunes of SIDU. The company announced on Wednesday that it was selected as a teammate on the latest $3.5 billion NASA extravehicular activity services contract. Sidus Space describes itself as a “space as a service” company. SIDU has designed and manufactured many components for both flight and ground use in space-related activities. Sidus Space wants to “Bring Space Down to Earth” and offers companies low-cost satellite services.
The Extravehicular Activity Services Program (xEVAS) is expected to include the design and manufacture of a new spacesuit and related hardware. The xEVAS program includes the design and development of an extravehicular activity capability. The program will service the NASA International Space Station’s Artemis Program and other commercial space missions. The xEVAS contract could be worth up to $3.5 billion through 2034. The contract was awarded to Collins Aerospace and Axios Space. Sidus Space is a teammate of Collins Aerospace for the duration of the xEVAS program. Collins Aerospace is a division of Raytheon Technologies (RTX).
Carol Craig, CEO of Sidus Space, said, “We are proud to be part of the Collins xEVAS team in development and manufacturing of the next generation space suits to support ISS and Artemis, allowing humans to walk and explore the moon.”
In plain english, as we understand it, SIDUS Space is a subcontractor for Collins and will work on stuff for space suits and maybe moonwalks and related space vehicle access.
SIDU stock moved from $1.44 to $9.22 between Tuesday’s close and Thursday’s high.
SIDU stock forecast
SIDU does not have a chart for technical analysis, but it is interesting to see the huge spikes.
SIDU daily chart
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