Laser Photonics (NASDAQ:LASE) stock is rocketing higher on Tuesday after the company revealed an order from L3Harris Technologies (NYSE:LHX).
A press release from Laser Photonics notes that L3Harris Technologies ordered a LaserTower COMPACT marking and engraving system from it. The company notes this is a major win for it as L3Harris Technologies is one of the “largest long-time defense contractors in the United States.”
LaserTower COMPACT is an industrial-grade laser marking, engraving and etching system. It can be used standalone or integrated into an I/O production line. The company notes that L3Harris Technologies will be using the unit at its semiconductor division in Palm Bay, Florida.
Wayne Tupuola, CEO of Laser Photonics, said the following about the news:
“This deal underscores our commitment to excellence and innovation. We look forward to delivering cutting-edge solutions that will enhance their operations and contribute to forging a future that is safer and more technologically advanced.”
What This Means for LASE Stock
Today’s news has investors excited as L3Harris Technologies is much larger than Laser Photonics. This kind of deal brings with it more attention to the smaller company and is good positive exposure.
Investors are excited about that prospect with heavy trading of LASE stock today. That has more than 65 million shares moving, as compared to its daily average of about 464,000 shares.
LASE stock is up 130% as of Tuesday morning.
There are more stock market stories worth diving into below!
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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.
