Boston, MA 06/17/2013 (wallstreetpr) – The share prices of LRAD Corp. (NASDAQ:LRAD) had surged by 17.24 percent to close at $1.36 per share for the end of last trading session on Friday. The shares of the company had been trading in the range of $1.18 to $1.43 per share, very close to its 52 week high price levels. The shares of LRAD Corp. (NASDAQ:LRAD) had recorded 52 week low price level of $0.80 per share and 52 week high price level of $1.44 per share.
LRAD Corp. (NASDAQ:LRAD) is primarily engaged in the design, development and commercialization of directed sound technologies and products. The Rancho Bernardo based acoustics devices company had been awarded a contract from the navy of United States for providing acoustic hailing devices. The contract valued at $12.2 million over a period of five years would require LRAD Corp. (NASDAQ:LRAD) to provide the US navy with indefinite delivery, indefinite quantity of acoustic hailing devices.
The acoustic devices produced by LRAD Corp. (NASDAQ:LRAD) are used to produce very loud and highly directional sound and are also used to amplify sounds such that they could be heard from longer distances. This contract awarded by the Naval Surface Water Center of Crane, Ind was bid by a total of three companies and LRAD Corp. (NASDAQ:LRAD) would now provide small, medium and large acoustic hailing devices, mounts, test teardown and evaluation, spares and data.
This award of contract to LRAD Corp. (NASDAQ:LRAD) had surged the share prices with heavy trading volumes at 1.70 million shares on Friday, while the average trading volume for the company is at 165,881 shares per day.
LRAD Corp. (NASDAQ:LRAD) presently holds 32.40 million shares outstanding in the market with an institutional ownership of 32 percent of its holdings.
