The penny stock is up more than 111% in early trading
Israel-based 3-D printing technology company Nano Dimension (NASDAQ:NNDM) is watching its stock take off today, with the shares last seen trading up 111.3% at $2.83. The move was sparked by the company's announcement that it has sold one of its DragonFly 2020 Pro 3D printers to a leading U.S. defense company, while also revealing its U.S. subsidiary is now a certified government vendor.
As such, NNDM stock is pacing for its highest close since a mid-February bear gap. The shares have mostly been in a downtrend since the company went public in the U.S. back in late 2015, falling from an all-time high of $9.99 struck in January 2016 to a record low of $1.21 just last month. According to an investor presentation from the company, it just began generating revenue in the fourth quarter of 2017. Coming into today, the market cap for Nano Dimension was around $30 million.
Only a few analysts are tracking the equity, with the most recent initiation coming from Canaccord Genuity back on May 21, when the firm began coverage with a "buy" rating and $2 price target. Overall, the average 12-month price target is $4.60, representing territory not seen since November.