Astrotech Corp (NASDAQ:ASTC) Stock Soars 10%: Here is Why

Astrotech Corp (NASDAQ:ASTC) jumped 9.5% after its 1st Detect subsidiary announced that it had won a purchase order for the TRACER 1000, which represents the maiden units to be used at a security checkpoint in an airport.

Surprisingly the company didn’t reveal the financial details of the order. Following this latest order, the TRACER 1000 explosive trace detector will be working in 15 locations across ten countries in Asia and Europe, including the previous sales to cargo facilities globally. The detectors are mass spectrometry-dependent explosives trace detectors with a European Civil Aviation Conference approval for cargo and checkpoint security.  

1st Detect chief executive officer and chairman Thomas Pickens said that air travel spending is starting to rebound after the slowdown due to the coronavirus pandemic. He added that there is renewed interest witnessed in checkpoint utilization for the company’s TRACER 1000 explosives trace detector. So, with demand for TRACER 1000 growing, ASTC is worth keeping an eye on in the coming months.

Market Reaction:

On Wednesday, ASTC stock surged 9.62% at $1.14 with more than 35.17 million shares, compared to its average volume of 1.20 million shares. The stock has moved within a range of $1.0900 – 1.2100 after opening the trade at $1.15