Orbital Energy Group (NASDAQ:OEG) Stock Sees Bounce back Trading: How to Trade Now?
Shares of Orbital Energy Group (NASDAQ:OEG) surged on July 20,2021 on the information that it has inked deals with Charter Communications. This led the firm’s shares to augment by 14% in Tuesday’s trade.
The deal involves Gibson Technical Services, one of the subsidiaries, being the recipient from Charter Communications. GTS, which gives services pertaining to different networks including in-building and wireless, the firm’s strength in fiber networks allured attention from Charter Communications, which is making GTS provide 8,600 miles of “full-service construction” across Alabama, Louisianaand North Carolina.
Orbital Energy CEO, Jim O’Neil said that it is a transformative project for GTS and will support Orbital’s ongoing strategy of giving industry leading design and engineering solutions to telecom industry. No financial terms of project were provided by the firm.
It is however hard to measure how much the deal will give a spur to Orbital Energy Group, which has grown in revenue in last three years but hasn’t generated net income.
Market speculates that it is the start of other deals for communication-services companies or perhaps investors view this to facilitate profit production. There is a need for investors to look at Orbital Energy Group reports Q2 2021 earnings later this summer.
Market Reaction:
On Tuesday, OEG stock surged 14.22% at $4.66 with more than 10.07 million shares, compared to its average volume of 7.04 million shares. The stock has moved within a range of $3.9650 – 4.8650 after opening the trade at $4.43. Over the past 52-week, the stock has been trading within a range of $0.4510 – 11.2000.
