Shares of AgEagle Aerial Systems Inc. (NYSEAMERICAN:UAVS) closed higher in the previous session. The stock has fallen 885 in the past year.
Trading Data
On Friday, UAVS stock went up 5% to $1.47 with more than 2.24 million shares, compared to its average volume of 3.97 million shares. The stock has moved within a range of $1.4000 – 1.4900 after opening trade at $1.40.
AgEagle Aerial Systems Reports Increase in Sales and Announces New Drone Partnership
AgEagle Aerial Systems Inc. (NYSEAMERICAN:UAVS) experienced an increase in sales in the third quarter, with revenue shooting 169% to $2.02 million year over year, thanks to increase in new sensor and software sales. A new partnership within the drone industry has also been announced by the company.
CEO Brandon Torres Declet stated that scaling of their business through strategic acquisition initiatives has resulted in several milestones for the company. Due to strong customer and reseller relationships and through the unification of product portfolios serving the energy, construction, agriculture and government verticals, the outcome continues to be consistent.
However, AgEagle hasn’t been able to turn a profit amid a growth mode, which not only includes three acquisitions this year, but also net losses to shareholders in the third quarter coming up to $3.77 million. But Brandon is hopeful that the company will make most of their opportunities in the upcoming year.
The Measure subsidiary of the company has partnered with Wing to integrate that company’s OpenSky app into Measure’s software platform for automating drone operations. The purpose of OpenSky is to assist drone pilots access airspace information and allow them to request real-time operation requests from the Federal Aviation Administration, a crucial component for drone delivery service.
Technical Data
UAVS stock is trading below the 20-Day and 50-Day Moving averages of $1.63 and $2.05 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.73. The stock is down 18% in the past month.
