Can Sigma Labs Bring 3D Printing Back to Life?
Sigma Labs may not be a household name, but that could change now that the company has announced that it had been awarded a contract by Mitsubishi Heavy Industries
Although 3D printing has waned as a trend in recent years, the prospect for this technology remains valid. Sigma Labs Inc. (NASDAQ: SGLB) may not be a household name, but that could change now that the company has announced that it had been awarded a contract by Mitsubishi Heavy Industries (MHI). Sigma Labs shares skyrocketed early on Tuesday.
According to the deal, the firm’s PrintRite3D system will be installed on a laser powder bed fusion system for the development and qualification of MHI additive manufacturing production processes. MHI works across a wide range of industries from commercial aviation and transportation to power plants and gas turbines, and from machinery and infrastructure to integrated defense and space systems.
In a sense, with this deal, Sigma Labs is putting its name on the map. Considering MHI’s broad applications ranging from aerospace components to air conditioners, Sigma Labs will have an ever-increasing number of customers.
Management went so far as to say that the increasing number of customers pursing implementation of PrintRite3D is a testament to the growing industry need for in-process quality assurance.
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Sigma Labs hasn’t been around that long. The company was only founded in 2010. However, it is a leading provider in commercial 3D metal printing.
Excluding Tuesday’s move, Sigma Labs stock had underperformed the broad markets, with shares down about 75% year to date. In the past 52 weeks, the share price is closer to 66% lower.
Sigma Labs stock traded up about 50% to $3.71 on Tuesday, in a 52-week range of $0.45 to $7.00. The consensus price target was $5.00.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
