Shares of Israel-based defense electronics contractor RADA Electronic Ind. Ltd. (RADA) soared 70 percent on Monday after the company announced that Lockheed Martin Corp.’s (LMT) Space Systems segment selected its Multi-Mission Hemispheric Radar [MHR] to support internally funded high energy laser weapon system prototype testing.
The radar will be used by Lockheed Martin in combination with other sensors.
“We are very happy with Lockheed Martin’s selection of our unique MHR, which is particularly suited for use with systems that counter rockets and mortars,” RADA CEO Zvi Alon said.
On Monday, RADA Electronic Industries printed a higher than average trading volume with the issue currently trading more than 5 million shares, compared to the average volume of 122K. The stock began trading this morning at $1.71 to currently trade $1.14 higher from the prior days close of $1.69. On an intraday basis it gotten as low as $1.71 and as high as $3.05.
RADA shares have a t-12 price/sales ratio of 0.65. EPS for the same period registers at $0.04.The name has declined 26.84% in the last 4 weeks and 34.50% in the past three months. Over the past 5 trading sessions the stock has lost 23.18%. Shares of RADA Electronic Industries Ltd. are up 84.50% yoy and 14.40% year-to-date.