Lockheed Martin Corp. (LMT)

Aug 1, 2022Trade Ideas

Lockheed Martin Corp. (LMT) has had a strong year so far.

After skyrocketing to about $480, the stock pulled back to about $380, where it’s starting to pivot higher. RSI and MACD are starting to push higher from oversold conditions, as well. Helping, Director John Donovan just bought 632 shares of LMT for $250,400, at an average price of about $396.16 each. The last time insiders bought LMT was August 19, with Director James Taiclet buying 1,354 shares for $509,500.

From a current price of $413.81, we’d like to see the LMT stock race back to $430, near-term.

An uptick in defense spending has also been beneficial for the LMT stock. Senate Democrats, for example, just unveiled a potential $850 billion in total national defense spending for fiscal 2023. As quoted by TheHill.com “Sen. Patrick Leahy (D-Vt.), chairman of the Senate Appropriations Committee, said in a statement that the bill ‘modernizes our armed forces to address the evolving threats of the 21st Century, ensuring the Defense Department is able to compete with China and other adversaries across the globe.’”

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