OHB’s Market Support Expires Friday, Leaving a Stock Down 65% From Its Peak to Fend for Itself
Published on 07/23/2026 at 18:44 | Redaktion boerse-global.de
The countdown is on for OHB’s shareholders. J.P. Morgan SE’s obligation to stabilise the German space company’s share price ends this Friday, 24 July, removing the last artificial prop from a stock that has already lost nearly two-thirds of its value in two months.
The Bremen-based aerospace group’s equity closed Thursday at €242.50, down 2.4% on the day and now testing a critical technical threshold. The 200-day moving average sits at €240.11 — the line that separates a long-term uptrend from a downtrend. A decisive break below that level would open the path toward the 52-week low of €64, a staggering 74% decline from current prices.
A 36% Monthly Rout With a Mechanical Explanation
The selloff has been brutal by any measure. In the past 30 days alone, OHB shares have shed almost 36%. From the May high of €688, the stock has plunged roughly 65%. Yet the relative strength index at 33.7 already signals oversold conditions, though no bottom has been confirmed.
The catalyst is straightforward and structural, not a reflection of deteriorating business fundamentals. In June, OHB raised approximately €482 million through a capital increase, placing roughly 1.7 million new shares at €300 apiece. Simultaneously, financial investor KKR reduced its stake. The free float ballooned from around 6% to an official 19.2% with full exercise of the greenshoe option. The Fuchs family retains a clear majority with over 60%.
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That flood of new supply hit a stock that had tripled in months, creating a perfect setup for profit-taking. The correction looks less like a crisis of confidence and more like the digestive phase of a growth story that simply ran too fast too soon.
Political Backing Meets Market Reality
The disconnect between political narrative and share price performance could hardly be starker. Defence Minister Boris Pistorius visited OHB in Bremen on 14 July, calling the company a key German space technology player. Germany plans to invest €35 billion in space security by 2030, with OHB positioned as a central contractor for the SATCOMBw communications satellite programme.
The company is also part of a joint venture with Rheinmetall and Airbus to bid for a multibillion-euro Bundeswehr satellite contract — a deal that antitrust authorities have already cleared.
Yet none of that political tailwind has been enough to halt the stock’s slide. The market is focused on the mechanics of the capital raise and the impending removal of J.P. Morgan’s stabilisation bid, not on the long-term strategic narrative.
A Record Order Book Offers Some Shelter
Operationally, OHB continues to deliver. The company’s order backlog recently hit a record €3.35 billion, providing high revenue visibility for years to come. Just two days ago at the Farnborough International Airshow, OHB fleshed out its role in the European Space Agency’s Argonaut lunar mission. Its subsidiary OHB System AG awarded MDA Space UK an advance contract to develop LEIA LiDAR sensors, which will enable autonomous hazard detection for future lunar landers. OHB is also responsible for navigation, communication and power supply within the Argonaut programme.
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The Rocket That Won’t Launch
Meanwhile, CEO Marco Fuchs’s plan to launch a rocket from a floating platform remains stuck in delays. The potential launch sites have expanded from the North Sea to the entire Atlantic, possibly even near the equator. But the launch has been postponed multiple times, most recently due to missing regulatory paperwork. No new date has been set.
This pattern — grand strategic vision meeting operational friction — is likely to shadow the stock in coming weeks. The real turning points won’t come from Berlin’s political declarations but from concrete milestones: the satellite contract award with Rheinmetall and Airbus, and a rocket launch that finally happens instead of being pushed back.
For now, the immediate question is whether OHB can defend the 200-day line. With annualised volatility near 80% and the stabilisation period ending Friday, the stock is entering its most unfiltered trading environment since before the capital raise.
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