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Why The Speedcast (ASX:SDA) Share Price Went Up 10%

The Speedcast International Ltd (ASX:SDA) share price went up almost 10% after winning a contract.
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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The Speedcast International Ltd (ASX: SDA) share price went up almost 10% after winning a contract.

Speedcast International is a satellite services company with operations stretching from Brisbane around to Perth. Ships, mining companies, Government groups and other parties can use their services for communication.

Speedcast’s Positive News

Speedcast has had a volatile week. After tanking due to releasing disappointing earnings guidance earlier in the week, where the share price fell around 50% over two days.

However, yesterday the company won a contract from the US Department of Homeland Security contract which has a total ceiling value of $3 billion over a five year term according to the Australian Financial Review.

Speedcast Government Chief Executive Moe Abutaleb was quoted as saying: “Speedcast Government is honoured to have been selected as an awardee under the TacCom II vehicle. We are committed to bringing leading-edge technologies, equipment, network and technical services to support DHS and its end users on this important program.”

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