There has been a considerable selloff in many stocks in recent days and one of the companies to have experienced a heavy selloff in its stock is the specialty construction firm Orion Group Holdings Inc (NYSE:ORN).
Trading Data
On Monday, ORN stock moved down by 5% to $3.61 with more than 312k shares, compared to its average volume of 166k shares. The stock has moved within a range of $3.4600 – 3.7600 after opening trade at $3.73.
Orion Group Holdings Inc. Announces Contract Awards of Approximately $33 Million
The stock has suffered from a strong selloff over the past week and has declined by as much as 16% during the period. Despite the strong selloff in the stock, it may be a good time for investors to take a look at the announcement made by the company on Monday. The company announced that it had managed to bad two new contracts for its marine business. The combined value of the two contracts stands at around $33 million.
It goes without saying that the news about the two contracts are major positives for the company and it is going to be interesting to see if it leads to further interest in the stock. One of the two contracts is worth $28.3 million and that had been awarded by Naval Facilities Engineering Command.
The other contract was worth $4.4 million and that one had been awarded by a private energy client of Orion Group. The company is based out of Texas.
Key Quote
“The award from NAVFAC continues our long history of supporting the U.S. Navy’s infrastructure needs,” said Mark Stauffer, Orion’s President and Chief Executive Officer. “Additionally, we are pleased to continue to be the market leader supporting the needs of our energy sector clients along the Texas gulf coast.”
Technical Data
ORN stock is trading below the 20-Day and 50-Day Moving averages of $4.20 and $4.47 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.37. The stock is down 25% in the past month.
