Terran Orbital stock plunges day after rallying on Jefferies buy rating

Apr. 21, 2022 2:51 PM ETLLAPBy: Val Kennedy, SA News Editor

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Satellite developer Terran Orbital (LLAP) shares plunged 20% Thursday, the day after they rallied on news that Jefferies had initiated coverage of the stock with a buy rating.

Shares of LLAP opened at $5.48 and hit a high of $5.66 in early trading before sliding to $4.66 in mid-afternoon. The stock recently changed hands at $4.70, down 20%, at approximately 2:35 p.m. ET.

LLAP shares gained 17% on Wednesday after Jefferies initiated coverage with a buy rating and price target of $10.

The stock also closed 28% higher on Tuesday, reversing a downward slide that began shortly after its merger with SPAC Tailwind Two on March 28.

LLAP and Tailwind Two announced in October that they planned to merge through a deal that valued the combined company at $1.58B.

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