Kratos Defense & Security Solutions shares rose in pre-market trading after BNP Paribas Exane upgraded the stock to Outperform from Neutral. The upgrade came one day after the shares hit a new 52-week low.
ARK Invest, founded by Cathie Wood, reportedly bought 209,379 Kratos shares the previous day. The purchase was valued at approximately $8.7 million and was described as a sign of the firm’s growing conviction in autonomous aircraft and the defense sector. Kratos shares moved higher even as the broader market pointed to a lower open.
Separately, Kratos announced a successful technology demonstration that achieved end-to-end connectivity for a multi-vendor 5G Non-Terrestrial Network using its OpenSpace platform. The demonstration highlighted the flexibility of the company’s virtualized satellite ground system.