Kalkine Media finds out why Sidus Space (SIDU) stock is soaring today?

September 07, 2022 07:11 AM PDT | By Rupam Roy

Image source: © Timonschneider | Megapixl.com

Highlights:

The SIDU stock noted gains of over 26 per cent in the morning trading on September 7.
Its volume was over 17 million during writing.
The company had announced multiple launch agreements with a spacecraft manufacturer.

The stocks of the aerospace and defense firm, Sidus Space, Inc. (NASDAQ:SIDU), gained notable attention from investors on Wednesday, September 7, after the firm announced multiple launch agreements with a spacecraft manufacturer. The price of SIDU stock was up over 26 per cent in the morning trading on Wednesday.

Now let's explore with Kalkine Media® the recent announcement of the firm that could have bolstered the recent gains in the aerospace firm's stock.

Why is SIDU stock soaring?

The investors appear to be turning their focus on the Cape Canaveral, Florida-based firm after it announced to sign of a launch agreement for five launches with SpaceX. According to the agreement for launch with Elon Musk's founded firm, the launches would start in early 2023.

Sidus Space has designed LizzieSatTM and is working on a multi-mission satellite constellation. Meanwhile, LizziSatTM was approved by the International Telecommunication Union in 2021.

Meanwhile, per the company release, the launches would support its previously announced contracts with NASA and Mission Helios and other potential clients.

Source: ©Kalkine Media®; © Canva via Canva.com

The founder and Chief Executive Officer of Sidus Space, Carol Craig, praised the launch agreement with SpaceX and said they would advance with their mission of 'Bringing Space Down to Earth.’

Bottom line

The SIDU stock was priced at US$ 3.3599 at 9:51 am ET on September 7, up 26.31 per cent from its previous closing price of US$. Its trading volume was more than 17.12 million during the time of writing.

However, despite the robust gains today, its price was still down about 69 per cent on a year-to-date (YTD) basis. In the current week, its price jumped over 16 per cent.

The firm also caught the eyes of investors during its second-quarter earnings release. Sidus Space's revenue jumped 695 per cent year-over-year (YoY) to US$ 1.84 million in the latest quarter, from a revenue of US$ 232,318 in Q2 FY21.

However, its net loss deteriorated to US$ 2.45 million in Q2 FY22, from a loss of US$ 497,390 in Q2 FY21.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.