In the Friday trading session, Sypris Solutions Inc. (NASDAQ: SYPR) increased by 59.07%, an increase of $1.66 from the previous closing price. The share price of Sypris Solutions stock reached as low as $3.41 during the trading session, while the highest point of the day was at $5.82.
According to data provided by Barclays, SYPR stock closed the previous session at $2.81, while the trading volume reached 130.34 million. News of receiving a follow-on contract for its subsidiary has boosted the SYPR stock.
3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
What was the contract for?
With high-end engineering services, Sypris meets customers’ needs for intricate, high-end, and mission-critical electro-mechanical and electronic devices. SYPR’s engineering and manufacturing services extend the entire product lifecycle within a Six Sigma/Lean culture and are backed by 50 years of experience. The SYPR team consists of partners from multiple departments and companies devoted to maintaining high-reliability standards in the Military, Space, Undersea, and Industrial arenas.
A follow-on contract for manufacturing and testing advanced electronic assemblies for a Government spacecraft program has been awarded to Sypris Electronics, LLC, subsidiary of Sypris Solutions.
- The first production run should take place in 2021.
- It was not disclosed what the agreement included.
- It is meant to serve as the exploration vehicle that will carry the astronauts to space, provide the ability to abort in an emergency, sustain missions, and allow safe re-entry back from deep space.
- A news release states that the spacecraft will feature advancements in propulsion, communications, power, structural design, and navigation technology.
- Destinations of the spacecraft include near-Earth asteroids, the Moon or Mars’ moons, and eventually the red planet itself.
What will SYPR get?
Having this program continues and expands is a bigger opportunity for SYPR. This partnership with a leader in the space industry will ensure the success of this critical mission for Sypris Solutions (SYPR).