Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) is one of 10 Stocks that Fell Off the Cliff.
Kratos Defense dropped its share prices by 7.28 percent on Tuesday to close at $43.07 apiece as investors resorted to profit-taking after hitting a new all-time high in the previous trading.
On Monday, Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) soared to an all-time high of $47.09 after successfully raising $575 million from a share sale program.
According to the company, it was able to sell more than 14.9 million common shares at a price of $38.5 apiece. The total amount included the overallotment option worth $75 million.
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) said that net proceeds from the offer will be used to fund investments critical to national security, targeted acquisitions, and other general corporate purposes, including the repayment of existing debt and fees related to the offering.
In recent news, the company earned a “buy” recommendation and a higher price target of $52 from Truist Securities. The new price target marked a 37-percent increase from its previous price target of $38.
A technician in a laboratory carrying out research and development of microwave electronics.
According to Truist, the new projects have the potential to raise the listed firm’s revenues by $150 million in the coming years, adding that it was bullish on the company for this year and the next amid higher growth expectations from the new contracts.
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Disclosure: None. This article is originally published at Insider Monkey.
