The prospects of American-supplied missiles in Ukraine's war against Russia aren't the only things preparing for launch; U.S. military contractor Lockheed Martin Corp.'s stock price is also blasting off to new heights.
In fact, since the U.S. announced its latest military aid package to Ukraine involving the possible use of JASSMs (Joint Air-to-Surface Standoff Missiles), Lockheed Martin's stock has risen over $3 per share (over 5%) to 574.50 per share as of 12:48 p.m. EDT Wednesday.
Those numbers could increase even more if and when the U.S. gives its final approval for Ukraine to use the new retro-fitted missiles, which could take months to prepare and deliver. The U.S. hopes the missiles will help Ukraine attack deeper into Russia and bring a faster end to the war.
As devastating as the 2 1/2-year war has been for Ukraine, business has been good to Lockheed Martin during that span. Its stock is up 129 points, or nearly 30%, over the past year. The price stood at 386.46 per share when Russia invaded on Feb. 24, 2022, an increase of nearly 40%.
With a market capitalization of $136.3 billion, Lockheed Martin (LMT) stands to gain from a potential U.S. approval to distribute the weapons to Ukraine. Lockheed Martin's stock was upgraded Tuesday following a series of orders that lifted its target price.
