Why Is Sidus Space (SIDU) Stock Up Another 50% Today?

  • Sidus Space (SIDU) stock is jumping more than 50% as it continues a rally from Wednesday.
  • This is due to news of a $3.5 billion contract for NASA.
  • The contract is with Collins Aerospace, which Sidus is a major subcontractor for.
Rocket launching into space representing SIDU Stock.

Source: 3Dsculptor / Shutterstock.com

Sidus Space (NASDAQ:SIDU) stock is taking off on Thursday as the Space-as-a-Service company continues a rally that sent shares rocketing higher yesterday.

The big news behind the SIDU stock rally is a deal with NASA. Specifically, the company is part of the Collins Aerospace team that was awarded a $3.5 billion contract from NASA. The contract is set to last for 10 years, with Sidus acting as a major subcontractor to Collins Aerospace.

Carol Craig, CEO of Sidus Space, said the following about the contract announcement:

“We are proud to be part of the Collins xEVA team in development and manufacturing of the next generation space suits to support ISS and Artemis, allowing humans to walk and explore the moon.”

News of the contract with NASA has SIDU stock soaring higher on Thursday alongside heavy trading. As of this writing, more than 64 million shares of the stock have changed hands. That’s well above its daily average trading volume of about 3.4 million shares.

Investors seeking out more details about the contract, including if now’s the right time to invest in SIDU stock, will want to read InvestorPlace’s coverage from yesterday.

SIDU stock is up more than 50% as of Thursday afternoon. However, it’s still down 28% year-to-date (YTD).

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On the date of publication, William White did not hold (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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/06/why-is-sidus-space-sidu-stock-up-another-50-today/.

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