Lakeland Industries Trades To New 52-Week Highs On Ebola Concerns
Shares of small-cap Lakeland Industries (NASDAQ: LAKE) continued to surge on Thursday, hitting new 52-week highs of $15.84 early Thursday morning.
Lakeland Industries is a maker of hazmat suits. Shares have surged from around $6 in early September as investors and traders started betting that the company may see heightened demand for its hazmat suits from a potential Ebola outbreak.
On September 12, Lakeland Industries announced it will increase its manufacturing capacity for protective apparel for use in handling Ebola.
"Lakeland stands ready to join the fight against the spread of Ebola," said Christopher J. Ryan, President and Chief Executive Officer of Lakeland Industries in the press release. "We understand the difficulty of getting appropriate products through a procurement system that in times of crisis favors availability over specification, and we hope our added capacity will help alleviate that problem. With the U.S. State Department alone putting out a bid for 160,000 suits, we encourage all protective apparel companies to increase their manufacturing capacity for sealed seam garments so that our industry can do its part in addressing this threat to global health."
On the same day, the company wrote a blog stating that a non-profit agency plans to send 276 of its Lakeland ChemMax 1 suits to medical personnel in Liberia.
The company has not issued any further press releases and its official Twitter page contains no new news information.
Investors and traders do need to exercise caution when investing in companies such as Lakeland Industries. Despite a recent surge in share price, the company only has a market cap of just above $75 million.
Traders and investors always need to exercise extreme caution when investing in a company with a small market size.
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