It was a week of horrors for the U.S. markets as they suffered their biggest weekly percentage decline in two years as investors wrestled with the growing likelihood of a recession while global central banks tried to stamp out inflation.
High inflation rates have caused panic in the minds of investors this year because of the U.S. Federal Reserve along with most major central banks, beginning to pivot from easy monetary policies to tightening measures which will slow the economy, possibly causing a recession and potentially dent corporate earnings.
Because of this, the Dow Jones closed the previous week under the 30,000 BP after dipping below that level on Thursday for the first time since January 2021. The Dow closed down 4.8% for the week, its 11th losing week out of 12, while the S&P 500 slumped 5.8% and the tech-heavy Nasdaq also fell 4.8%. Each of the three major Wall Street indexes fell for the third week in a row.
This “Space As A Service” Company Gained Over 300% In A Week
Although the market was down, we saw a stellar performance from Sidus Space Incorporated, a NASDAQ quoted stock, that posted over 300%, starting the trading week at $1.47 to close the week trading at $6.16.
Sidus Space is a space-as-a-service company. The Company is focused on commercial satellite design, manufacture, launch, and data collection. It supports commercial space, aerospace, defense, underwater marine, and other commercial and government customers.
The Company’s services include multidisciplinary design engineering, precision Computer Numerical Control (CNC) machining and fabrication, Swiss screw machining, American Welding Society (AWS) certified welding and fabrication, electrical and electronic assemblies, wire cable harness fabrication, three-dimensional (3D) composite and metal printing, satellite manufacturing, satellite payload integration and operations support, satellite deployment and microgravity testing and research.
The Company also offers services to satellite/space hardware manufacturing, satellite/space hardware manufacturing, space-based geospatial intel, imagery and data analytics. The company touts to have established its place within this thriving space ecosystem “by the deep relationships developed over the years with those leading the industry.”
The company is solely woman-owned and founded by Carol Craig, who is a self-described “astropreneur,” and is the company’s CEO. She was one of the first women eligible to fly combat aircraft in the U.S. Navy and the first female aviator in her squadron serving as an active-duty P-3C Orion Naval Flight Officer.