AgEagle Aerial Systems (NYSEMKT:UAVS) is seeing UAVS stock take flight on Monday despite no new news about the company.
The latest news release from AgEagle Aerial Systems came out on Thursday. In that release, the company announced that it’s setting up manufacturing in Wichita, Kan. The company saw a boost to its stock after that announcement.
David Toland, Cabinet Secretary of the Kansas Department of Commerce, said this in the release.
“AgEagle is a prime example of the sort of cutting-edge technology we’re proud to create in Kansas. Wichita is the undisputed Air Capital of the World, and its culture of innovation in aerospace technology makes this a perfect fit. Congratulations to AgEagle on its decision to grow in Kansas.”
It’s possible that UAVS stock is continuing to rally higher following the Wichita news. The stock has been seeing an unusual amount of trading today. It moved more than 59 million shares during normal trading hours. For comparison, the company’s average daily volume is only about 15 million shares.
Is there any other news that could be causing the aircraft company’s stock to head higher today? It doesn’t appear so. The drone company’s stock may just be getting a boost from investors hoping to pick it up cheap in preparation for large gains.
UAVS stock was up 15% when markets closed on Monday and is up 312.9% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.