The Momentum In Momentus Stock Continues: What's Going On?

Momentus Inc MNTS shares are trading higher Tuesday, adding to gains of more than 200% over the last week. Here's a look at what's going on. 

What To Know: Momentus on Tuesday announced a new contract with SatRev for transportation and orbital delivery services next year. The Polish nanosatellite company will fly its SOWA-1 payload with Momentus in the first quarter of 2024.

"Momentus' transportation services are efficient and economical, and we're always glad to help our customers find the best path to their orbital destination," said Chris Kinman, chief commercial officer of Momentus.

Momentus shares have gained approximately 209% over the last five trading sessions. The move higher began after the company signed a contract with RIDE! Space for transportation and orbital delivery services last week, but the climb in shares appeared to be largely driven by increased retail interest. 

Momentus was trending across various social platforms last week and seeing increased message volume on Stocktwits. It's seeing much of the same on Tuesday as it was among the top trending tickers at last check. It's also trading higher on above-average volume.

Momentus' average session volume over a 100-day period is about 2.9 million, according to Benzinga Pro. Tuesday's trading volume has already exceeded 11 million at publication time. 

It's worth noting that Momentus has a very small float of just 2.23 million shares, per Benzinga Pro data.

See Also: What's Going On With SciSparc Ltd Stock?

MNTS Price Action: Momentus shares were up 10.7% at $5.37 at the time of publication. 

Photo: Colin Behrens from Pixabay.