Last week, Orbital Energy (OEG) stock remained unchanged for three days (at around $3.3), but everything changed after the weekend. The stock more than doubled sharply in value on June 1. It reached up to its maximum ($7.6).
Orbital Energy’s recently acquired subsidiary, Gibson Technical Services (“GTS”), has signed a contract with TEC of Jackson (“TEC”) for a project to perform approximately 700 miles of turnkey engineering and construction work in central Mississippi over the next four years. TEC and the Federal Government’s Rural Digital Opportunity Fund (RDOF) will fund the project ($20.4 billion).
This collaboration between TEC and GTS will result in one of the first RDOF rural constructions in the United States. According to GTS Chief Executive Mike McCracken, The fact that this project was awarded by TEC, a well-known telecommunications service provider, validates GTS’s ability to provide high-quality engineering and construction services. Although this news could push the stock twofold, on Wednesday OEG shares dropped sharply by 31.15% after day traders or short-term players withdrew all their funds.
Finance and Entertainment Reporter
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