Software solutions provider and electronics manufacturing company Orbit International Corp (OTCMKTS:ORBT) is one of the companies that could be tracked by investors this morning following a key announcement from the company yesterday.
Trading Data
On Tuesday, ORBT stock ended flat at $6.54with more than 11.72K shares traded, compared to volume of 2.56K shares. The stock moved within a range of $6.54 – 6.54 after opening trading at $6.67.
Orbit International’s Electronics Group Receives Two Orders Totaling in Excess of $2,350,000
The company was in the news yesterday after it announced that its Electronics Group had been successful in bagging two new orders. The orders had been placed by the same client and had been placed during the first week of this month. The total value of the orders is $2,350,000. The company is going to begin the deliveries of these orders at some point in the first quarter of 2023 and it is going to continue through to the next quarter.
The President and Chief Executive Officer of Orbit International, Mitchell Binder, spoke about the orders as well. He noted that the orders had been received by the company’s subsidiary unit Q-Vio and the orders had been placed by one of the major defense contractors.
The products that are going to be delivered are meant for displays for a specific United States Army program. The receipt of new orders is almost always seen as a positive for any company and the latest development may bring the Orbit International stock into focus.
Key Quote
Mitchell Binder, President and CEO of Orbit International commented, “These two new orders for our OEG, totaling in excess of $2,350,000, were received by our Q-Vio subsidiary from the same major defense contractor and are both for displays used on the same U.S. Army program. When combined, these contracts represent the largest award ever received by Q-Vio. All production for these displays will be done in our Hauppauge, NY facility and deliveries are projected throughout 2023.”
Technical Data
ORBT stock is trading below the 20-Day and 50-Day Moving averages of $6.58 and $6.86 respectively. However, the stock is trading above the 200-Day moving average of $6.90.
