Software solutions providing and electronics manufacturing firm Orbit International Corp (OTCMKTS:ORBT) saw its stock trade within a range on Friday. However, at the same time, it ought to be noted that the day before the company had actually been in the news.
Market Reaction
On Friday, ORBT stock fell 1.27% to $7.01 with more than 530 shares, compared to its average volume of 461 shares. The stock moved within a range of $7.01 – 7.01 after opening trade at $7.01.
Orbit International’s Electronics Group Reports April Bookings of Approximately $1,300,000
The company announced at the time that its ‘Electronics Group’ business had managed to report booking to the tune of around $1,300,000 for April 2022. It was a significant achievement for the company and on top of that, Orbit also noted that deliveries of many of the bookings had started already. The entirety of deliveries will be completed at some point in the first quarter of next year.
Mitchell Binder, who is the Chief Executive Officer and President of the company, noted that the showing in April 2022 was strong after the Electronics Group had managed to deliver a strong showing the previous month as well. Out of the $1,300,000 worth of orders, as much as $400,000 is made up of orders meant for displays that are going to be deployed in an important aircraft programme.
The client who ordered those displays had also intimated the company that more orders for those displays worth as much as $500,000 could be placed in the second quarter.
Key Quote
Mitchell Binder, President and CEO of Orbit International commented, “We are pleased to report that on the heels of a firm booking month in March 2022, our OEG bookings for April 2022 were approximately $1,300,000. These orders include approximately $400,000 in orders for displays used on a significant aircraft program. The same customer has indicated that an additional order for approximately $500,000 should be expected during the current second quarter. In addition, our newly acquired subsidiary, Simulator Product Solutions LLC (“SPS”), received orders for approximately $450,000 during April 2022. SPS continues to bid on a significant number of opportunities, although it faces competition for many of these orders.”
Traders Review
ORBT stock is trading below the 20-Day and 50-Day Moving averages of $7.20 and $7.29 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.79.
