AgEagle Aerial Systems (NYSE: UAVS) was on a fine run in February, rallying to record highs of $17 a share after a 200% plus gain. Fast forward, the stock has come down, tumbling and giving up a good chunk of the gains.
Amid the sell-off, the company’s solid fundamentals are still intact. As a drone manufacturer, AgEagle Aerial Systems is well-positioned for tremendous growth as e-commerce companies look to enhance their delivery services. Initially, there were reports that the company was working with Amazon. While neither party has confirmed or denied the same such partnership could be in the offing in future.
The leading drone solutions provider, reporting record annual revenues of $1.3 million, up 333%, all but underscore underlying growth. Revenue growth was primarily attributed to purchase orders for drones and other drone delivery products. The fact that the company could generate more sales in a pandemic ravaged environment affirms its products are resonating well with customers. As it stands, AgEagle Aerial Systems is an exciting long-term play for investors looking to bet on strong demand for drones in the future.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.