Why AgEagle Aerial Systems Stock Jumped 13% at the Open Today
Shares of drone, drone sensor, and drone software maker AgEagle Aerial Systems (NYSEMKT: UAVS) rose sharply in the first few minutes of trading today, jumping by 13% at one point. By around 10 a.m. EST, however, that gain had been trimmed to just 5%. The big news was the company's third-quarter 2021 earnings, which were released before the market opened. The best way to describe AgEagle's financial results is mixed.
On the top line the company saw massive growth, with third-quarter 2021 sales increasing to $2.02 million from roughly $750,000 in the same quarter of 2020. Management highlighted new revenue generated by its proprietary sensor and software solutions. Notably, AgEagle has been on something of an acquisition spree, with three acquisitions so far in 2021, so growth is obviously the big goal here. It's also been inking partnerships, like one it highlighted in a separate release today, announcing the inclusion of the OpenSky App into AgEagle's products. This app, which is backed by Wing, an Alphabet company, makes it easier for drone pilots to abide by aerospace rules and regulations. With these bits of news, you can see why investors might have gotten excited early on this morning.
Image source: Getty Images.
Source Fool.com