Applied Energetics Inc (OTCMKTS:AERG) Stock Gains Momentum: Company Gets Phase I Small Business Technology Transfer Contract
Investors in the company Applied Energetics Inc (OTCMKTS:AERG) have had a fairly forgettable time over the course of the past week as the company saw its stock crater by as much as 12% during the period.
Market Stats
On Tuesday, AERG stock gained 0.95% to $2.12 with 85K shares, compared to its average volume of 100k shares. The stock moved within a range of $ 2.0100 – 2.4100 after opening trading at $2.19.
About Applied Energetics Inc
The company is involved in manufacturing and developing a range of innovative products like innovative optical systems, high-performance lasers, and integrated guided energy systems for various industries. Some of the industries in which the products are deployed include aerospace, defense, and several other industries. In this context, it is also necessary to point out that the company pioneered the laser-guided energy technology and is in possession of all the necessary intellectual property related to it.
At this point in time, Applied Energetics owns a total of 26 patents and in addition to that, it also boasts of as many as 11 Government Sensitive Patent Applications. Those 11 applications are under the secrecy orders of the United States government and provide Applied Energetics with considerably extended rights of protection.
Applied Energetics : Awarded Phase I Small Business Technology Transfer Contract by U.S. Army for Directed Energy System Development
The company had in fact come into the focus of investors yesterday after it provided further important details with regards to the Phase I Small Business Technology Transfer contract with the United States Army worth $172,000. The news about the contract had been reported to the United States Securities and Exchange Commission back on June 8 this year when Applied Energetics had submitted a Form 8-k filing.
As per the provisions of the contract, the company is going to be responsible for modeling unique approaches for delivering eye-safe delivery of ultra-broadband infrared laser pulses to the electro-optic sensors. It is clear to see that the technology transfer contract could prove to be a major long-term positive for the company if things work out as planned.
On the other hand, it was also noted that Applied Energetics had also managed to bag another contract, that runs for several years, with the Department of the Navy, Office of Naval Research. That particular contract had been awarded back on June 1, 2022, and helped the company in growing the number of its defense contracts.
Key Quote
“We’re excited to take the next step in innovating, developing and delivering this critical IRCM capability that is necessary to support the Army’s modernization efforts and defeat next-generation sensors in a multi-domain battlespace. Continuing investments by the Department of Defense in directed energy and ultrashort pulse technology is expected to provide our national security organizations significant advantages. We look forward to building upon our ultrashort pulse laser technology portfolio with this key project,” said Dr. Gregory Quarles, President and CEO at Applied Energetics.
Traders Corner
AERG stock is trading below the 20-Day and 50-Day Moving averages of $2.34 and $2.20 respectively. Moreover, the stock is trading below the 200-Day moving average of $2.15.
