Why AeroVironment Shares Are Rising Today

AeroVironment Inc AVAV is trading higher Thursday following reports the U.S. will send drones to Ukraine.

As part of the Biden administration’s new $800 million weapons package, the U.S. is sending 100 Switchblade drones to Ukraine.

The drones were designed for U.S. Special Operations Command. There are two different models, the Switchblade 300 and the Switchblade 600, that have been sold to U.S. Special Operations by AeroVironment. It's not clear which drones are being sent to Ukraine.

AeroVironment supplies unmanned aircraft systems, tactical missile systems, high-altitude pseudo-satellites and other related services to government agencies within the United States Department of Defense as well as the United States' allied international governments.

See Also: Why Innodata Shares Are Surging Today

AVAV 52-Week Range: $52.03 - $128.98

The stock was up 16.8% at $95.18 at time of publication.

Photo: shougi from Pixabay.