T3 Defense Inc. (NASDAQ: DFNS ) stock surged nearly 22% Tuesday as traders piled into the defense technology company’s tightly held stock.
The Nasdaq gained 0.65%, while the S&P 500 rose 0.27%. However, T3 Defense’s move far outpaced the broader market.
What’s Going On?
T3 Defense has remained highly volatile since completing a 1-for-125 reverse stock split .
The company completed the split to meet Nasdaq listing requirements. However, the smaller public float can amplify price swings when speculative trading volume rises.
T3 Defense also announced a business expansion on Aug. 21. Its Rimon Agencies subsidiary entered the unmanned aerial vehicle and counter-UAV platform market.
Trending Get a 1% Match on Your First Deposit of $1,000+Rimon is developing configurable launch trailers, sensor masts, off-grid power systems and drone-docking platforms. It is also building command-and-control vehicles.
The systems can integrate customer-selected sensors, software and other equipment without permanent infrastructure. The expansion follows a June delivery to IMI Systems, part of Elbit Systems Ltd. (NASDAQ: ESLT ).
Bearish Report Raises Risks
Earlier this month, short seller Fugazi Research published a bearish report on T3 Defense.
The report questioned the company’s financial results, acquisition strategy and capital structure. It also cited operating losses, potential dilution and the company’s goodwill balance.
T3 Defense Price Action
T3 Defense shares rose 21.53% to $16.30 Tuesday, according to Benzinga Pro .
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