Investors who subscribed to OHB’s recent equity offering at €300 per share are nursing losses of nearly 20% as the stock continues to slide. The Bremen-based space and defence contractor closed Friday at €241.00, extending a sell-off that has now wiped 38.91% off the share price over the past 30 days. The gap between the subscription price and the current level – which had been around 16% a week ago – is widening as selling pressure shows no sign of easing.
The capital injection, which raised €789 million through a placement of new shares with the backing of financial investor KKR, was designed to fund OHB’s expansion plans. But the market’s reaction has been swift and brutal. Shares fell as much as 5% on the first day of trading and briefly dipped below the €300 offer price. Now, with the stock trading more than 64% below its all-time high of €688.00 set on May 21, 2026, the euphoria of earlier months has given way to a stark reassessment.
That euphoria was not unwarranted in its fundamentals. Germany plans to spend around €35 billion on military space programmes by 2030, and the European Union is weighing a defence and space budget of €131 billion for 2028–2034. OHB derives roughly 83% of its product portfolio from exactly these state-funded pools. The company’s capital markets day, a record order backlog, and a new defence alliance with Helsing had turned a niche player into a market darling earlier this year. The stock gained 240.40% over the past 12 months, and even after the recent slide it remains up about 106% year-to-date.
Technical indicators, however, tell a story of exhaustion. The 14-day relative strength index stands at 32.2–32.6, deep in oversold territory. Annualised volatility of roughly 87–88% underscores the nervousness gripping the stock. The current price is only 1.45% above the 200-day moving average of around €237.56, a level that chart watchers view as a critical line in the sand. A sustained break below that would open the door to the next support zone near €235, and if that gives way, the floor falls out to the €190–€199 area.
Should investors sell immediately? Or is it worth buying OHB SE?
On the upside, a meaningful recovery would require a convincing move above the 200-day line followed by a push through resistance between €307 and €325. The 50-day moving average at roughly €328.70 marks the next major hurdle. Until then, the shares are caught between a long-term narrative that remains intact and short-term technical damage that will take time to repair.
Adding to the sector’s headwinds, SpaceX shares have slipped below their IPO price, robbing the space industry of a bullish anchor. For OHB, that means no tailwind from across the Atlantic to lift sentiment. The stock fell around 11% over the past seven trading days alone, and with volume tracking the price decline, analysts see no clear stabilisation signal yet.
What made OHB a standout story – the convergence of European rearmament, independent space access, and institutional backing – remains intact over a multi-year horizon. But the share price has already front-loaded that future, and the capital raise has diluted existing holders just as the market is reining in its enthusiasm. The 200-day moving average near €237 will likely decide whether the stock can find its footing or drift further into the consolidation that has followed one of the year’s most spectacular rallies.
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