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Why CPS Technologies Shares Spiked 160% Today

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Why CPS Technologies Shares Spiked 160% Today

CPS Technologies Corporation (NASDAQ: CPSH) shares soared almost 160% in the regular and after-hours session today.

What Happened: The Massachusetts-based metal and ceramics specialist company said Wednesday it had received a purchase order for its HybridTech Armor Panels to be installed as ballistic shields on U.S. Navy nuclear-powered aircraft carriers.

The shields provide ballistic protection for crew-served weapons stations and the sailors manning them, the company said.

CPS supplies the panels to its Minnesota-based partner Kinetic Protection, which assembles the armor system installed on the aircraft carrier. 

“We have received a $28.7 million IDIQ [indefinite delivery/indefinite quantity] contract from the Navy to address the aircraft carrier fleet, with an initial delivery order for the first aircraft carrier,” said Erik Crawford, president of Kinetic Protection.

Why It Matters: CPS says its HybridTech Armor panels were developed in response to the urgent requirements of the Navy, as defined in 2008.

The need for armored protection is not limited to aircraft carriers but also exists for other types of ships, as per the company. Excluding submarines, the U.S. Navy currently has a fleet of over 400 ships,” CPS pointed out.

Price Action: CPS shares closed 138.33% higher at $16.54 on Wednesday and rose 21.52% in the after-hours session to $20.10.

 

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Posted-In: Industrial Metals And Minerals Industry US NavyNews Movers Trading Ideas

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