Lockheed Martin share price: Shares of Lockheed Martin are likely to be in focus on Wall Street in trade on Tuesday, December 2, following the receipt of a mega order worth ₹$52 million from the US Department of War.
The New York Stock Exchange (NYSE) listed defence company on December 1 was awarded a $52,000,000 cost-plus-fixed-fee, firm-fixed-price contract for maintaining and operating and configuration of the High Mobility Artillery Rocket System, Multiple Launch Rocket System Launcher Fleet, and the respective repair parts storage and distribution centre, as per the information available on the US Department of War’s website.
The bids were solicited via the internet, with one received by Lockheed Martin. The work on the $52 million project is expected to be completed by May 14, 2021, in Grand Prairie, Texas.
Army funds in the amounts of $342,393, $1,412,854, and $2,189,923 were obligated at the time of the award, the statement said.
Additionally, the US State Department has approved the potential sale of sustainment for F-16 jets and related equipment to Bahrain for an estimated cost of $455 million, the Pentagon said on Monday.
Lockheed Martin stock price trend
Shares of Lockheed Martin had ended 4% lower at $439.19 on the NYSE on December 1, as investors booked profits after a three-day rally.
On a monthly basis, the F-16 fighter jet maker’s stock witnessed a decline in November (down 6.9%) and October (1.47%) following a cumulative over 17% rise in September and August.
At current levels, Lockheed Martin share price is 16% below its 52-week high of $521.50, with the stock losing 13% in a year.
How to trade Lockheed Martin stock?
Anshul Jain, Head of Research at Lakshmishree, highlighted that Lockheed Martin has slipped out of a tight bearish flag on the daily chart, underscoring fading trend strength across timeframes.
“The stacked 10, 20, and 50 EMAs slope lower, showing clean momentum alignment. Sellers have dominated volume, adding weight to the breakdown as price hovers near 439 support. A decisive push under 435 could accelerate risk toward the weekly swing low around 400 with strong trend carry,” he noted.
The stock needs a recovery above 452 to neutralise the setup and mark a shift in control. “Risk stays skewed lower while volatility builds and traders watch defence sector news for catalysts. Short-term flows favour sellers.”
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
