Last Friday, the CSP Inc. (NASDAQ:CSPI) stock emerged as one of the stronger movers in the market after the company had a key announcement with regards to one of its business units and ended the day with gains of as much as 7%.
Market Action
On Friday, CSPI stock jumped 6.65% to $9.30 with more than 24k shares, compared to its average volume of 3K shares. The stock has moved within a range of $8.90 – 9.30 after opening trade at $8.95.
Major News
The announcement made by the company was in relation to its business unit ARIA Cybersecurity Solutions. CSPI announced that ARIA had bagged a multimillion dollar sale for ARIA CDS solutions from a national level intelligence agency. The sales have been made for multiple sites of the intelligence agency and marked a major milestone for the company.
ARIA is involved in providing improved cyber attack detection and response services to its clients. The ARIA CDS product that was sold to the intelligence agency is expected to be a major constituent of the United States government’s efforts to bring about improvement in network visibility on networks that are critical when it comes to national security.
It was a major coup for CSPI and hence, the move in the stock was perhaps not a surprise. It now remains to be seen if the stock stays in focus among investors today or not. If supply chain availability is not an issue then the rollout has been targeted for the latter half of next year.
Traders Note
CSPI stock is trading above the 20-Day and 50-Day Moving averages of $8.76 and $8.82 respectively. However, the stock is trading below the 200-Day moving average of $9.50. The stock is up 7% over the past week.
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