Astrotech Corp (NASDAQ: ASTC) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced that its product has been accepted by the TSA’s ACSQT program. Today, we’ll talk about the news, what we’re seeing from the stock as a result, and what we’ll be watching for with regard to ASTC ahead.
ASTC Announces TSA Acceptance Of Their Product
As mentioned above, Astrotech is having an incredibly strong start to the trading session this morning after announcing that the TRACER 1000 has been accepted into the Transportation Security Administration (TSA)’s Air Cargo Screening Technology Qualification Test (ACSQT) program. The TRACER 1000 is a new explosives trace detector (ETD) designed by ASTC.
In a statement, Thomas B. Pickens, CEO of both 1st Detect and ASTC, had the following to offer:
This represents a major step toward inclusion on TSA’s exclusive Air Cargo Screening Technology List (ACSTL) and having the TRACER 1000 used at cargo facilities worldwide.
The above statement was followed up by Raj Mallecheruvu, COO at 1st Detect and Astrotech. Here’s what he had to offer:
The recent events that took place in our own backyard only underpin the importance of cargo facilities everywhere having the latest technology for rapidly and accurately detecting explosive threats.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In this particular case, the news proved to be overwhelmingly positive. After all, the news means that the TRACER 1000 will likely be used in various cargo areas to ensure safety, which of course, will generate a profit for Astrotech. So, it’s no surprise that excited investors are sending the stock toward the top today. Currently (10:36), ASTC is trading at $2.51 per share after a gain of $0.49 per share or 24.26% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ASTC. In particular, we’re interested in following the story surrounding the company’s sales of the TRACER 1000 system as this will likely lead to great numbers. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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