Martin Aircraft Company Ltd (ASX: MJP) would have to be one of the most explosive stocks on the ASX right now.
While it only debuted on the market last week, it has already amassed a 483% gain for investors lucky enough to have bought into the float. Today alone, the stock has surged 33% (after having more than doubled in price yesterday) with the shares now trading at $2.33. It hit an intraday high of $3.15 earlier in the session, which temporarily put it on a daily gain of 80% (and a weekly gain of 688%).
Check it out on the chart below.
Source: Yahoo Finance
Martin Aircraft Company is engaged in the research and development of Martin Jetpacks, which it hopes will become commercially available from 2016 onwards. The company expects to sell each unit for around US$200,000, in addition to various customisations that each individual customer may have.
Indeed, the company presents as an interesting concept – one which is difficult to fully grasp given the futuristic nature of the technology. Right now, it seems likely that hype and excitement within the market is playing a big role in pushing the share price higher, so investors may want to wait a while before considering a purchase, however, Martin Aircraft Company is certainly a stock to add to your watchlist.
