Despite a fairly positive announcement from the company yesterday, the Orbit International Corp (OTCMKTS:ORBT) stock ended up with a decline and ended the day with losses of 3%. Hence, it may be a good idea for investors to take a look at the actual announcement and figure out if the stock could actually make a recovery.
Trading Data
On Thursday, ORBT stock moved down 3.33% to $7.25 with 300 shares, compared to its average volume of 1.7K shares. The stock moved within a range of $7.25 – 7.50 after opening trade at $7.50.
Orbit International’s Electronics Group Reports March Bookings in Excess of $1,200,000
The electronics manufacturing company and software solutions supplier, announced yesterday that its Electronics Group unit managed to clock bookings worth as much as $1200000 in the month of March this year. The company went on to add that the deliveries of most of these orders have already started.
Orbit International expects to complete the orders by the time the first quarter of 2023 comes to an end. The Chief Executive Officer and President of the company, Mitchell Binder, spoke about the situation as well. She noted that the orders also included a specific order that was worth as much as $800,000. That particular contract is for qualification testing, engineering and prototype units among other tasks. However, the announcement did not elicit much optimism among investors and the stock took a dive nonetheless. It is now going to be interesting to see if it can bounce back today.
Key Quote
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that our OEG bookings for March 2022 were in excess of $1,200,000. These orders include an over $800,000 contract for engineering, qualification testing and prototype units, for the redesign of a display that the OEG supplies to a major military prime contractor for use on a significant aircraft program. Once the engineering is completed, we are expecting significant production orders for this redesigned unit over the next several years. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), received orders for more than $250,000 during March 2022. SPS continues to bid on a significant number of opportunities, although it faces competition for many of these orders.”
Technical Data
ORBT stock is trading below the 20-Day and 50-Day Moving averages of $7.33 and $7.56 respectively. However, the stock is trading above the 200-Day moving average of $6.57.
