MNTS Stock Surged Past Its 200-DMA Yesterday – Today’s Pre-Market Jump Proves It Could Be A Conviction Move

• Momentus said it expects to hold around $76 million in cash, cash equivalents, and short-term investments.
• The company expects to use the proceeds for R&D, investment in strategic business initiatives, and general corporate purposes.
• On Tuesday, Momentus filed an S3 prospectus with the SEC to potentially sell up to $200 million in securities.

Shares of Momentus, Inc. (MNTS) remained firmly in the spotlight on Wednesday, soaring 45% in pre-market trading after an explosive 110% rally in the previous session pushed the stock above its 200-day moving average for the first time in more than 16 months.

MNTS shares have surged more than 165% since May 20, driven by growing investor interest in space stocks ahead of SpaceX’s blockbuster public market debut expected on June 12.

Source: Koyfin

MNTS To Raise $25M

On Wednesday, Momentus signed agreements with existing institutional investors to raise about $25 million through a private placement of nearly 2.94 million shares priced at the market. The offering is expected to close around May 28.

Following the fundraising, Momentus expects to hold around $76 million in cash, cash equivalents, and short-term investments. “We intend to use the proceeds for research and development, investment in strategic business initiatives and general corporate purposes,” said John C. Rood, Chairman and CEO of Momentus.

This comes after Momentus filed an S3 prospectus with the SEC on Tuesday to potentially sell up to $200 million in securities, including Class A common stock, preferred stock, debt securities, and warrants.

In a separate update, Chris Hadfield, a company director and former astronaut, purchased 2,000 shares on May 21 at an average price of $7.19 per share.

Retail Bulls Eye $100

Retail sentiment for MNTS on Stocktwits trended in the ‘extremely bullish’ territory over the past 24 hours, while message volumes increased by nearly 2,200% over a 24-hour period and 5,300% over the past seven days.

One user highlighted the high trading volumes over the past couple of sessions, indicating soaring interest in the stock.

Another user expects the stock to potentially surge to $100. It’s currently trading at around $22.

MNTS shares have seen strong buying interest so far this year, gaining nearly 160%.

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