Per the bullish positions of members of the WallStreetBets group, any form of investigation into these UFOs is bound to increase military spending. Lockheed Martin (LMT) stock price is expected to increase.
American aerospace, arms, defense, security, and advanced technologies company, Lockheed Martin Corporation (NYSE: LMT) may be on its way to becoming the next favorite on the Reddit Chatroom, WallStreetBets. Retail interests in various Wall Street stocks are typically fueled by a series of factors, the most popular we know is the desire to hurt institutional short sellers.
The retail investors on this chat board have taken an interest in the shares of GameStop Corp (NYSE: GME), and AMC Entertainment Holdings Inc (NYSE: AMC) amongst others, helping to push the share prices by huge multiples in what have left short sellers with many losses through a short squeeze. Hedge funds usually borrow stocks of firms like GameStop in the hopes that they will drop in price at a later date. If this event occurs, they buy back and repay, pocketing the difference.
The rebellion of the Reddit-organized army of investors purchases these stocks pushing its price higher, and each hedge fund had to exit their positions in order to cut losses. Since January to date, hedge funds have lost billions of dollars to short squeezes. The interest being picked in the Lockheed Martin stock is however fueled by a different motive.
According to a post shared on the WallStreetBets platform, the group is gearing up for the forthcoming report on Unidentified Flying Objects (UFOs) and its connection to defense stock like that of Lockheed Martin. The report from the Pentagon is expected to be published by the end of this month.
Deal with UFOs
There are billions of particles hovering around in the galaxy today. While the majority are tiny rock particles or other bodies orbiting the earth, there are a few that are suspected to be alien spacecraft, and dubbed UFOs.
The expected US UFO report has discounted the hypothesis of alien spacecraft in that it did not have enough evidence yet to back the claims. The growing buzz around UFOs has pushed the National Aeronautics and Space Administration (NASA) to favor an investigation into these high-speed flying objects that have been reportedly sighted by Navy Pilots on several occasions.
“We don’t know if it’s extraterrestrial. We don’t know if it’s an enemy. We don’t know if it’s an optical phenomenon,” Bill Nelson, the former Florida senator, and spaceflight veteran told CNN Business’ Rachel Crane in an interview. “We don’t think [it’s an optical phenomenon] because of the characteristics that those Navy jet pilots described … And so the bottom line is, we want to know.”
The inquiry into the UFOs by NASA is independent of that of the Pentagon according to the CNN report, however, any findings by the former are certainly billed to be shared with the latter
Lockheed Martin and WallStreetBets
Per the bullish positions of members of the WallStreetBets group, any form of investigation into these UFOs is bound to increase military spendings. The North Bethesda, Maryland-based firm is one of those that will benefit the most. This is the basis for turning their interest into LMT shares.
Lockheed Martin has experienced an upsurge in its stock which closed on Friday rising by 1.74% to $394.10 per share. The best of how WallStreetBets may impact the share price if at all, will be seen in the weeks and months to come.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.