Air Industries Group (AIRI) Stock Suddenly Gains: How Far Can it Reach?
Air Industries Group (NYSEAMERICAN:AIRI) jumped 8% after the company announced receipt of a Long-Term Agreement to produce landing gears for the F-35 fighter aircraft. The company said that the agreement estimates purchases ranging from $12-18 million for three years starting from next year through 2024. Air Industries is a manufacturer of most landing gear components that all three aircraft variants use.
The company’s CEO, Lou Melluzzo, said that they have been producing F-35 landing gear components since the start of the Aircraft production. He said that they are delighted to be part of the program, and they look forward to continuing offering support for the production of the warfighter as its production nears full rate.
Air Industries is an integrated, multifaceted machined products manufacturer that produces landing gear, jet turbine, and flight control components for defense and aerospace contractors. So, In the coming weeks, AIRI is a stock to keep an eye on.
Market Reaction:
On Tuesday, AIRI stock gained 8% at $1.35 with more than 2.62 million shares, compared to its average volume of 261k shares. The stock had moved within a range of $1.2800 – 1.4400 after opening the trade at $1.44. Over the past 52-week, the stock has been trading within a range of $0.9400 – 2.4600.
