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Cemtrex shares spike after showcasing massive order backlog

The manufacturing company saw a particular increase in medical device orders
Cemtrex standing desks
Cemtrex also completed an augmented reality application for the King Abdulaziz Center for National Dialogue in Saudi Arabia

Cemtrex Inc (NASDAQ:CETX) shares spiked Thursday after the company announced it had $6 million in new orders within its electronics manufacturing services segment over the past few months.

The manufacturing company saw a particular increase in medical device orders. In addition to the $6 million in new orders, its backlog contains a robust $50 million.

The stock nearly tripled Thursday to a high of $5.39 from its Wednesday close before settling down to end the day at $3.80. On Friday, investors enjoyed a little profit taking, slipping the share price down 18% to $3.11.

READ: Cemtrex shares pop on reverse 8-to-1 stock split

Cemtrex’s EMS segment continues to win new business from both new and existing clients,” CEO and Chairman Saagar Govil said. “Our backlog gives us continued confidence as we have already locked in enough orders to see growth in our year over year sales over the next twelve months.”

Separately, the Long Island City, New York-based company announced Tuesday that it completed an augmented reality application for the King Abdulaziz Center for National Dialogue in Saudi Arabia. The app lets people who visit the center interact with different locations to reveal hidden animations and write virtual graffiti.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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