ParaZero Technologies (NASDAQ:PRZO) stock is seeing massive gains on Friday after getting approval for drone flights in Australia.
The Civil Aviation Safety Agency (CASA) in Australia is allowing the company to conduct commercial drone flights in the country. This marks the first time that Australia has granted such permission to a drone company.
ParaZero Technologies notes that this approval is for its local partner, OVRL. This approval allows for a broad range of flight operations. That includes flying near and over people while equipped with ParaZero Technologies’ ParaZero safety systems.
Tim Butler, CEO of OVRL, said the following about the drone news:
“We look forward to helping the industry utilize ParaZero systems and are excited to see the new, previously untested use cases for commercial drones now that they can be legally flown overhead people.”
What’s Next for PRZO Stock?
Investors will want to keep an eye on ParaZero Technologies to see how this approval affects its business. They’ll also note that this news comes after the Federal Aviation Administration (FAA) granted approval to its Optimus-1EX system.
Today’s news also brings with it heavy trading of PRZO stock. As of this writing, more than 79.6 million shares of the stock have changed hands. That’s well above its daily average trading volume of about 1.4 million shares.
PRZO stock is up 57.5% as of Friday morning.
Investors looking for more of the most recent stock market news will want to keep reading!
We have all of the hottest stock market news that traders need to know about on Friday! Our coverage includes what’s happening with FingerMotion (NASDAQ:FNGR), what has stocks down today, and the latest news for Applied UV (NASDAQ:AUVI) stock. Investors can catch up on all of these matters by checking out the links below!
More Stock Market News for Friday
- FNGR Stock Alert: FingerMotion Lawyers Up in Response to Stock Concerns
- Why Are Stocks Down Today?
- Why Is Applied UV (AUVI) Stock Up 42% Today?
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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.
