Why Shares of AgEagle Aerial Systems Rose as Much as 21% Early Today
Shares of drone maker AgEagle Aerial Systems (NYSEMKT: UAVS) rose quickly in early trading today, gaining as much as 21% in morning action. But it wasn't able to hold on to the price advance, with the stock sitting higher by just 7% or so at roughly 11:45 a.m. EST on Wednesday. There's a lot to unpack here.
At the start of 2020, AgEagle wasn't a particularly popular name on Wall Street, living largely in penny stock obscurity. Then, late last year, there was a rumor that the company might be working with Amazon on delivery drones. While there's been no specific evidence of this, the stock took off. Over the past year, it is higher by more than 1,800%. And at one point earlier this year, the shares were up by more than 3,000%!
Image source: Getty Images.
Source Fool.com
