Sidus Space stock jumps after new partnership announced
On Thursday, September 19, Sidus Space, a space-as-a-service company, saw its stock rise about 5% after announcing a new partnership with Portugal’s Neuraspace, which is to supply Sidus Space with real-time space traffic tracking.
Details
On Thursday, Sidus Space stock climbed 4.7% to $2.66 per share on the Nasdaq. Before the opening bell, the company announced an agreement with Neuraspace. The European-born space company offers an AI and machine learning-based space traffic management platform that, among other things, optimizes maneuver planning, reduces fuel consumption, and prevents collisions, thereby extending satellite lifespans.
The agreement comes as Sidus Space prepares for the launch of the second satellite in its LizzieSat constellation, scheduled for later this year. Neuraspace will provide high-precision tracking and real-time conjunction screening, using a global network of ground-based sensors.
About Sidus Space
Sidus Space, a space-as-a-service company, was founded by Carol Craig, one of the first women eligible to fly combat aircraft in the U.S. Navy. The company is building a constellation of 100 LizzieSat satellites, with its clients able to integrate their own sensors and technologies to obtain space-born data. The first satellite was launched into space in March by Elon Musk’s SpaceX as part of the Transporter rideshare mission.
Sidus Space stock is off almost 70% since the beginning of the year and around 86% over the last 12 months. According to MarketWatch, the company is covered by one analyst, who recommends buying the stock, with a target price of $10 per share.
