Why Investors Are Buying Sidus Space Shares Tuesday Morning

Sidus Space Inc SIDU shares are trading higher Tuesday after the company announced it was awarded a $2 million subcontract for the U.S. Navy Propulsion Program.

What To Know: Sidus Space said Craig Technologies selected the company for the manufacturing of 13 propulsion plant team trainer maneuvering area panels for Bechtel Plant Machinery Inc. 

Sidus will manufacture, assemble, test and deliver the maneuvering panel trainers. The contract has a total project value of over $2 million.

"Sidus Space previously manufactured a related U.S. Navy trainer system, and we are excited to be supporting Bechtel and their Navy customer again," said Carol Craig, CEO of Sidus Space.

Sidus Space is focused on mission critical hardware manufacturing combined with commercial satellite design, manufacture, launch and data collection.

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SIDU Price Action: Sidus Space has a 52-week high of $12.45 and a 52-week low of 93 cents.

The stock was up 12.4% at $1.23 at the time of writing, according to Benzinga Pro.

Photo: Colin Behrens from Pixabay.