Momentus Stock Is On The Move: What's Going On?

Momentus Inc MNTS shares are trading higher Thursday after gaining more than 40% on Wednesday. Here’s a look at what’s going on.

What To Know: Momentus announced Thursday that it was awarded a contract modification valued at nearly $1.2 million by the Space Development Agency to continue development of the Vigoride Orbital Service Vehicle for Department of Defense (DoD) Mission Requirements.

The company said it will tailor its Vigoride Orbital Service Vehicle to support a wide range of DoD payloads and mission requirements, which will set the stage for transition to an in-space flight demonstration.

“Vigoride’s flexibility, payload capacity, and power make it well-positioned to support a range of national security missions like space situational awareness, surveillance, reconnaissance, and other priorities,” said John Rood, CEO of Momentus.

The news comes a day after Momentus shares soared more than 40% after the company announced completion of all National Security Agreement requirements. Momentus said the U.S. Department of the Treasury approved the company’s exit from the agreement and its termination.

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

See Also: What’s Going On With Rocket Lab Stock Thursday?

MNTS Price Action: Momentus shares closed Wednesday up 41.9% at $1.02. The stock was up 4.9% at $1.07 at the time of publication, according to Benzinga Pro.

Photo: Arek Socha from Pixabay.