Reuters/Hyve Technology Inc (NYSE: HYV) stock has jumped more than 25% in the last two months as it sees the company’s growth potential expand further.
Raytheons market cap surged more than $2.4 billion last year, according to research firm Morningstar.
That was the biggest year-over-year gain in the S&P 500 since it began tracking the data in 2015.
The company has seen strong growth in its X-band and low-band radar products, as well as a move to the smaller and more cost-effective AEGIS radar.
In 2018, Raytheonic reported that it sold more than 3.8 million systems, compared to 3.5 million in 2017.
In a statement, the company said the X-Band business was a “critical growth area” for Raytheonics technology.
“As Raytheones AEGISC technology continues to evolve, our sales have expanded to over 3.9 million units in 2018, a record-high, reflecting our continued ability to leverage our proven and proven technology platform to deliver the world’s best radar solutions,” it said.
“We expect our sales to continue to grow in the next few years and continue to support our expansion strategy, as our X- band technology continues its development and adoption by the industry,” it added.
The increase in the stock price reflects the companys new CEO, Richard Fisher, who is also CEO of Raytheony, Inc. and the company announced a $50 million cash infusion.
RayTheonic is not the only Raytheontics stock to increase in value.
RayAvenue Technologies (NYSEARCA: REY) stock is up more than 20% in a year, and RayTheons new CEO Mark Ritchie said on a conference call on Thursday that the company would spend “several billion” dollars to expand its market share.
Raytheons shares were down 1.6% at $1.33.