Why Shares Of Sidu Space Are Blasting Off

Sidus Space SIDU shares are trading higher after the company expanded its relationship with Teledyne Technologies. The company will now manufacture components for Teledyne Marine's Massachusetts facility.

The company signed its first two-year master supply agreement with Teledyne Marine in July 2019, followed by a two-year product pricing agreement in September 2021. 

Sidus Space CEO and Founder, Carol Craig said "Teledyne Marine's increased trust in Sidus is a testament to the quality of products we develop and the value we provide to our partners. We look forward to working together in the years to come."

Sidus Space Inc is a Space-as-a-Service company focused on commercial satellite design, manufacture, launch, and data collection with a vision to enable space flight heritage status for new technologies and deliver data and predictive analytics to both domestic and global customers.

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SIDU Price Action: Sidus Space, Inc. has traded between $29.70 and $1.26 over a 52-week period.

The stock was trading 33.6% higher at $3.78 per share on Monday at the time of publication, according to data from Benzinga Pro.