Why is UAV Corp (OTCMKTS:UMAV) Stock Down 15% In a Week

The past week has been quite tough for investors in UAV Corp (OTCMKTS:UMAV) as the company’s stock suffered from a fairly strong selloff and went down by as much as 15% as a consequence.

Trading Data

On Tuesday, UMAV stock fell 0.86% to $0.0249 with 316K shares, compared to its average volume of 191K shares. The stock moved within a range of $0.0201 – 0.0297 after opening trade at $0.0297.

About UAV Corp

 The company is involved in the research and development space with a special focus on environmental solutions and aerospace. The researchers employed by the company are involved in finding solutions to transformative problems for both commercial entities and also for governmental ones. At this point in time, the company is working on a range of research projects starting from carbon dioxide conversion, biomass conversion, energy efficient mining and agriculture management among others. The company also has a fully owned subsidiary unit named SkyborneTechnology, which has made considerable investments in research and development in the intellectual property space.

Now that you have a fair idea about the nature of the company and its business, it may be a good time to look into a significant piece of news that emerged about UAV Corp on Tuesday.

Uav Corp To Build The Largest Lighter Than Air Drone Hanger In The State Of Florida

Yesterday it emerged that the company had awarded the contract for General Contractor for the building of the new Lighter Than Air Drone Hangar to Winfield Construction. However, at the same time, it ought to be noted that the final plans for the construction and necessary permits for the site are going to be completed through July and August this year. It is an important project for UAV Corp considering the fact that the hangar in question is going to be 100 feet high and 300 feet long, thereby becoming the first of its kind hangar in Florida.

It has also been noted that the construction of the hangar is going to help UAV Corp in emerging as a company that can be considered a global unmanned systems builder for both international as well as domestic customers. Michael Lawson, the Chief Executive Officer of the company, spoke about the same thing. He noted that UAV Corp would eventually become a ‘one-stop shop for all the clients of the company who arrive at Costin Airport and wish to have first-hand experience of the launch of the new drone across the Gulf of Mexico.

Technical Data

UMAV stock is trading below the 20-Day and 50-Day Moving averages of $0.0322 and $0.0470 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0901.