VirnetX Stock Soars To 30-Month High Today: What’s Driving The Rally?

VirnetX Holding Corp. (VHC) shares soared in Friday’s opening trade, rising to a 30-month high after the company announced that it had secured a General Services Administration (GSA) Multiple Award Schedule contract on Thursday.

The company stated that this designation makes it an approved technology provider for federal, state, and local government agencies looking for mission-critical cybersecurity, secure communications, and digital-engineering capabilities.

VirnetX shares soared 71% in Friday’s opening trade to hit a 30-month high before paring some of the gains. Retail sentiment on Stocktwits around the company also soared, trending in the ‘extremely bullish’ territory at the time of writing, rising from ‘neutral’ a day ago.

Message volumes also witnessed a surge, entering ‘extremely high’ levels from ‘low’ a day ago. VirnetX was among the top ten trending tickers on the Stocktwits platform at the time of writing.

The company stated that the GSA Schedule contract will allow it to collaborate on defense initiatives, bid on government contracts, and work with the Department of War and other government agencies. It added that through the GSA Scheduled contract, federal customers will get access to its VirnetX Matrix and War Room platforms. These platforms are designed to secure real-time communications, collaboration, and command and control networks across multi-domain environments, VirnetX explained.

VirnetX CEO Kendall Larsen called the award a “major step” forward for the company, adding that this “expands our ability to rapidly support the government’s digital modernization efforts, from secure communications to battle management solutions that help protect critical infrastructure and national interests.”

VirnetX is a Nevada-based internet security software and technology company that specializes in Zero Trust Network Access solutions for secure network communications.

VHC stock is up 193% year-to-date and 261% over the past 12 months.

Also See: Trump Says China ‘Forced’ Him To Levy High Tariffs, But Thinks They Are ‘Not Sustainable’: Report

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