DPW Holdings Inc. (NYSE: DPW) shares more than tripled on Wednesday after the firm announced that its global defense business, Gresham Worldwide, recently received a few massive purchase orders.

The purchase orders Gresham received total approximately $3.2 million and come from four different global defense contractor customers of its operating subsidiary Microphase.

Gresham Worldwide provides bespoke technology solutions for mission critical applications in the defense, public safety, homeland security, medical and telecommunications markets.

Its subsidiary, Microphase, designs, develops and manufactures standard and customized state-of-the-art radio frequency, microwave and millimeter-wave components, devices, subsystems and integrated modules for the worldwide defense and aerospace, satellite, wireless multimedia and consumer electronics, public safety and homeland security markets.

Microphase will perform and deliver on these recent orders over the remainder of calendar 2020 and throughout 2021.

Jonathan Read, Gresham Worldwide’s CEO, commented:

Demand for Gresham’s technology offerings remains strong. This recent uptick in orders reflects the confidence and the trust that Gresham has with long life cycle platform programs of ‘blue chip’ customers in defense, aerospace and commercial sectors across the globe. We anticipate that strong demand and customer confidence will enable us to achieve significant growth in 2020 and 2021.

DPW stock traded up about 250% to $4.97 on Wednesday, in a 52-week range of $0.53 to $15.20. The consensus price target is $25.81.

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