Why Is Momentus (MNTS) Stock Up Today?

Momentus (NASDAQ:MNTS) stock is rocketing higher on Thursday and it’s thanks to a new deal with Elon Musk’s SpaceX.

A building with the SpaceX name on the side representing MNTS stock news today.

Source: L Galbraith / Shutterstock.com

This deal covers multiple launch agreements with SpaceX. That includes four upcoming SpaceX Transporter missions. They are Transporter-6 in October 2022, Transporter-7 in January 2023, Transporter-8 in April 2023, and Transporter-9 in October 2023.

It’s worth pointing out that these won’t be the first flights Momentus takes with SpaceX. The company is set to include its inaugural Vigoride demonstration flight on the SpaceX Transporter-5 mission set for June 2022.

John Rood, CEO of Momentus, said the following about the news boosting MNTS stock higher today.

“We’ll use these flight opportunities to demonstrate the capabilities of our Vigoride orbital transfer vehicle, deliver customers to orbit, and continue the development of new technologies to expand our service offerings at lower costs.”

Momentus signing this deal with SpaceX is a major win for holders of MNTS stock. It sets up a regular launch schedule for the company that legitimizes its space travel plans.

News of the deal with SpaceX has MNTS stock seeing incredibly heavy trading today. As of this writing, more than 100 million shares of the company’s stock have changed hands. That’s a massive increase compared to its daily average trading volume of only around 753,000 shares.

MNTS stock is up 57.5% as of Thursday morning and is up 10.8% since the start of the year.

Investors seeking more stock market news for Thursday will want to stick around!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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