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- 1 Lockheed Martin Corporation (NYSE: LMT) pounced over crucial contracts from the US government.
- 2 LMT stock price changed trajectory following the news and rose over 2% in the last week.
American aerospace, arms, and technology company, Lockheed Martin Corporation (NYSE: LMT) secures several crucial projects from US government agencies. The company stands at getting hundreds of millions worth of contracts from the agencies. LMT stock price changes the trend from continued decline to the streak of trading in green. However, in the broader timeframe, the stock is consolidating.
The Space Development Agency of the Pentagon allocates $816 Million worth of contracts to Lockheed Martin. This comes as a package of $1.5 Billion contracts for prototype communications satellites. Along with LMT, Northman Grumman is also awarded with a deal worth $733 Million.
Lockheed Martin will be producing 36 small satellites to the agency which intends to enhance communication network abilities. These satellites belong to the Tranche 2 Transport Layer (T2TL) Beta satellites type.
Earlier in the last week, the Maryland, Washington-based company secured a contract from the United States Navy. The US Defense Department website suggests the value of the contract is over $620 Million.
According to the contract, the F-35 manufacturer would provide program management and non-recurring requirements, and facilitate training to support Germany’s smooth integration into the F-35 Joint Strike Fighter program. With the program, the European country would be regarded as a customer in Foreign Military Sales.
The $114 Billion market cap company is poised to take advantage of these recently received contracts. The credibility of the company is undoubtedly at par being recipient of government projects.
Lockheed Martin( NYSE: LMT) Stock Price Movement
At the time of writing, LMT stock price was trading at $452.9 following a slight uptick of 0.3% in the last intraday trading session. The stock price, however, has been trading in the green for about the past week and it has been up by over 2% since then.
Lockheed Martin’s stock price saw a recent fall since earnings release losing up to 5% of its value. Currently, the stock is sustaining between a price range of $455 and $440 and is likely to consolidate further. The price level at $440 is acting as immediate support for the LMT stock. Before making the recent upmove, it retested the support level and bounced back.
Though LMT stock is in a short-term uptrend, it’s not clear for how long it could sustain the momentum. If it carries out the pace and continues to move ahead, it could retest the hurdle at $455.
LMT stock is below both 50 and 200-day moving averages indicating it could face a struggle to make any significant move. RSI is at 45 which suggests the stock is in neutral territory and the course ahead is ambiguous. MACD is taking a slightly upward curve indicating a potential up move. But it is still not clear how long it’s going to continue.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
