DPW's stock more than doubles on heavy volume after announcing defense orders

DPW's stock more than doubles on heavy volume after announcing defense orders

Shares of DPW Holdings Inc. DPW, 313.38% more than doubled toward a 9-month high in very active premarket trading Wednesday, after the diversified holding company said its Gresham Worldwide Inc. defense business received $3.2 million in purchase orders from four different defense contractors. Volume jumped to 3.6 million shares, compared with the full-day average of about 848,000 shares. The company had recorded revenue of $21.1 million in 2019. "This recent uptick in orders reflects the confidence and the trust that Gresham has with long life cycle platform programs of 'blue chip' customers in defense, aerospace and commercial sectors across the globe. We anticipate that strong demand and customer confidence will enable us to achieve significant growth in 2020 and 2021," said Jonathan Reed, chief executive of DPW's Gresham Worldwide. The stock soared 153% ahead of the open, and was on track to open at the highest price seen during regular-session hours since Sept. 13, 2019. The stock has gained 19.3% year to date through Tuesday, while the S&P 500 SPX, -0.35% has slipped 0.7%.