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Deepverge (DVRG) Shares Surged 14% on a £1.4M Contract. Is It a Buy?

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Updated 18 Jul 2022

Key points:

  • Deepverge shares surged 14% after winning a £1.4m contract in Qatar.
  • Modern Water won the contract to install a water monitoring system.
  • DVRG shares look attractive at current prices. Are they a buy?

The Deepverge PLC (LON: DVRG) share price surged 14.1% after the company’s Modern Water division won a contract worth £1.4 million to supply 27 fully integrated Microtox® solutions at network points to monitor water toxicity and pollution in Qatar.

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Also read: Best Shares To Buy Now.

The contract comes as Qatar prepares to host the 2022 FIFA World Cup tournament and marks a significant milestone for Modern Water after the subsidiary transitioned from selling water monitoring equipment to providing fully integrated regional water systems monitoring solutions.

Deepverge has positioned itself as a global leader in developing and supplying water and wastewater monitoring systems that can track the presence of multiple disease pathogens in fresh water and wastewater to help authorities track the spread of water-borne diseases and plan proper responses to curtailing the same.

Investors cheered today’s announcement that expands Moder Water and Deepverge’s presence in the Middle East and establishes the company as the go-to provider of water monitoring systems globally.

Deepverge also highlighted the £3 million orders secured in Q2, 2022, from customers in China and South Asia scheduled to be shipped to the respective customers later this year.

Modern Water will sell the water monitoring systems to Avanceon (PSX: AVN), which will then install the same into Qatar’s water systems for monitoring purposes before the 2022 FIFA World Cup kicks off.

The company’s Microtox® CTM is a continuous toxicity monitor installed at strategic points in the water supply system, generating real-time feedback on the state of water health from the source. The Microtox® CTM units use AI to detect over 2,700 disease pathogens in water systems.

So, should you buy Deepverge shares? DVRG shares look pretty attractive at current prices, and I would consider buying them. The shares could rally much higher over the long term.

*This is not investment advice. Always do your due diligence before making investment decisions.

Deepverge share price.

Deepverge share price 18-07-2022
Source: IG

The Deepverge share price surged 14.09% to trade at 12.55p, rising from Friday’s closing price of 11.00p.