Mobilcom stock rockets on heavy volume after 'commercial scale' order from drones-maker Teledyne

Shares of Mobilcom Ltd. blasted 94.7% higher in very active trading, to pace all premarket gainers Monday, after the provider of cybersecurity offerings for drones and robotics announced a purchase order from Teledyne Technologies Inc. (TDY). Trading volume jumped to 9.3 million shares, which compares with the full-day average of about 71,100 shares. Mobilcom said the order was on a "commercial scale" but did not provide financial terms. The company said the largest order was for its SkyHopper PRO systems, which will be integrated into small-sized drones made for the U.S. Department of Defense (DOD), which delivery expected during 2023. The stock, which is on track to open at the highest price seen during regular-session hours since Aug. 31, 2022, has rallied 54.6% year to date through Friday, while the S&P 500 has gained 14.6%.

-Tomi Kilgore

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07-10-23 0814ET

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