Shares in jetpack manufacturer Martin Aircraft are going ballistic

The jetpack. Picture: Martin Aircraft

Shares in jetpack developer Martin Aircraft are on a tear, rising more than 15% today on the ASX.

The New Zealand-based company listed its shares at 40 cents one week ago, raising about $27 million. Today the shares hit $3 before slipping back to $2.02.

There’s been no news today, but the company yesterday announced a loss of $3 million for the half year to the end of December.

The latest jetpack model, which has attracted interest from the Department of Homeland Security in the US, can fly 800 feet high at speeds of up to 74kmh for around 30 minutes.

The jetpack, expected to hit the market in mid 2016, will come with a price tag of around $US200,000.

The company’s shares are trading around $2.02.

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