Why These Defense Stocks Are Gaining This Week

4. Elbit Systems Ltd. (NASDAQ:ESLT)

Weekly Gains: 12.45%

Elbit Systems Ltd. (NASDAQ:ESLT) is an Israel-based defense technology company. It is among the defense stocks that are gaining this week.

On March 3, the stock price reached an all-time high of $336 before closing at $334.60 per share. Elbit Systems Ltd. (NASDAQ:ESLT) is up nearly 30% year-to-date amid new contracts and solid financial performance.

In November last year, the company was awarded contracts worth $335 million to supply defense systems, including rocket launchers and unmanned aircraft, to a European country. More recently, in February, the Moroccan military reportedly signed an agreement with Elbit Systems Ltd. (NASDAQ:ESLT) for the purchase of self-propelled artillery.

The company is set to announce financial results for the fourth quarter of fiscal 2024 later this month, which investors are looking forward to with enthusiasm. The stock gained by over 12% last week in anticipation of the quarterly results.