Momentus Shares Are Rocketing Higher: What's Going On?

Momentus Inc MNTS shares are trading higher on abnormally high volume Thursday as retail traders take aim at the stock. The company announced late Wednesday that it will provide delivery services for RIDE! Space.

What To Know: After the close on Wednesday, Momentus said it signed a contract with RIDE! Space for transportation and orbital delivery services. The services are set to commence in the first quarter of next year. 

"The African Space Industry Annual Report released in August reports that the African space economy is projected to grow to more than $22 billion by 2026," said Chris Kinman, chief commercial officer of Momentus. 

"We anticipate rideshare services to be an important enabler for this growth. We're looking forward to working with RIDE! Space as they support access to Low-Earth Orbit for new and established African customers."

Momentus' average session volume over a 100-day period is about 1.4 million, according to Benzinga Pro. Thursday's trading volume has already exceeded 28.5 million at publication time. 

Momentus is also trending across various social platforms and seeing increased message volume on Stocktwits. It's worth noting that Momentus has a very small float of just 3.94 million shares, but it's not heavily shorted with just 2.91% of the float currently sold short, per Benzinga Pro

Momentus is a U.S. commercial space company that offers commercial satellite buses and in-space infrastructure services including in-space transportation, hosted payloads and other in-orbit services.

See Also: Amazon Joins Elon Musk's SpaceX, Mukesh Ambani's Jio In Vying For A Piece Of India's Burgeoning Satellite Internet Market

MNTS Price Action: Momentus shares traded as high as $4.33 on Thursday before pulling back. The stock was up 52.1% at $2.72 at the time of publication, according to Benzinga Pro.

Photo: Arek Socha from Pixabay.