Lockheed Martin's stock slightly decreased after Ukraine used U.S.-supplied ATACMS missiles made by the company to strike into Russia, a first for the second-largest country in Eastern Europe.
Lockheed Martin's stock closed at $533.26 a share on Tuesday after peaking at $539.32. The company's stock has experienced high volatility since the divisive U.S. presidential election and geopolitical shifts in Europe, fluctuating between $618.95 and $413.92 a share over a 50-day period, reported Market Beat.
The moves come after US granted Ukraine permission to launch ATACMS missiles into Russia on Monday. ATACMS, known officially as the MGM-140 Army Tactical Missile System, is a supersonic tactical ballistic missile that can reach a maximum distance of 190 miles.
The last time Lockheed Martin's product, specifically JASSM missiles, were used during the Ukraine-Russia war, its stock rose over $3 per share to $574.50.
Market Beat reported that 306,015 shares were traded during Tuesday's mid-day trading, a steep decline of 71% from the average session volume of 1,061,086 shares.
It's been a profitable year for Lockheed Martin, who started off spring by winning a $17 billion contract for next-generation missile interceptors from the United States Missile Defense Agency.
While Lockheed Martin just lost a portion of a multi-billion dollar deal from the Pentagon, shares were up by 0.7% in the latest quarter. In June, the Pentagon decided to cut its order from three satellites to two, with Yahoo Finance estimating that it caused Lockheed Martin nearly $4 billion in loss.
Many research analyst reports from Melius Research, Bank of America, Wells Fargo & Company, and JP Morgan Chase, refer to the Lockheed Martin stock as a "strong buy."
