DPRO Stock: Why Is Drone Maker Draganfly Up 90%+ Today?

Draganfly (NASDAQ:DPRO) stock is flying higher on Tuesday following news of a major contract for the drone company.

Drone flying over landscape representing DPRO stock.

Source: Rocksweeper / Shutterstock.com

A new press release from Draganfly reveals that Coldchain Delivery Systems has signed a contract for up to 200 of its Medical Response and Search and Rescue Drones. These will be deployed to the Revived Soldiers Ukraine (RSU after delivery.

The first round will include 10 drones in total, as well as an additional three being donated to RSU by Draganfly. These drones are equipped with Medical Response Payload Boxes. Each of them can carry 35 pounds of medical supplies.

The boxes carried by the drones are unique in that they offer temperature management. This allows them to carry vital supplies for wounded individuals, such as “blood, pharmaceuticals, insulin/medicines, vaccines, water, and wound care kits.”

Cameron Chell, CEO of Draganfly, said the following in today’s news release.

“Draganfly has a long and proud history of supporting EMS services and humanitarian aid operations globally. Our Medical Response and Search and Rescue Drones will help RSU deliver critical supplies, equipment, and visual oversight.”

News of the order has brought extra interest to DPRO stock with increased trading volume today. That has some 115 million shares of the stock on the move as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 205,000 shares.

DPRO stock is up 90.1% as of Tuesday morning.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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