Why Shares of Dronemaker AeroVironment Soared Higher in May

Shares of AeroVironment (NASDAQ: AVAV) gained 17.5% in May, according to data provided by S&P Global Market Intelligence, propelled higher after the company won its largest military contract to date. AeroVironment has historically been a volatile stock, but the company's shares are now up more than 50% since mid-March.

Aerovironment is a maker of small drones and tactical missile systems for government and commercial customers. The company on May 14 announced the U.S. Army has awarded it a $146 million contract for its Switchblade "loitering missile system," the largest single contract in the company's history.

Image source: AeroVironment.

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Source Fool.com