Why Terran Orbital Stock Is Rocketing Higher Today

Terran Orbital Corp LLAP shares are trading higher Wednesday after the company announced it was awarded a contract to design, build and deploy 300 satellites for Rivada Space Networks.

What Happened: Satellite-based solutions company Terran Orbital won a $2.4 billion contract to deploy 288 low-earth orbit satellites. The company will also develop 12 spare satellites for Rivada, a U.S.-based wireless technology company focused on open-access wholesale and the convergence of terrestrial and satellite communications.

"Our partnership will show why Terran Orbital continues to be a satellite manufacturer of choice for aerospace and defense companies worldwide. We are ecstatic to work alongside Rivada and look forward to building out their LEO constellation," said Marc Bell, co-Founder, chairman, and CEO of Terran Orbital.

Terran Orbital's average session volume over a 100-day period is approximately 725,000, according to Benzinga Pro. Wednesday's trading volume has already exceeded 28.5 million ahead of the open. Terran has a total float of 98.69 million shares, 4.21% of which is currently sold short.

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LLAP Price Action: Terran Orbital has a 52-week high og $12.69 and a 52-week low of $1.29.

The stock was up 73.1% at $2.96 at the time of writing, according to Benzinga Pro.

Photo: SpaceX-Imagery from Pixabay.