The drone company reported earnings and investors liked what they saw at first, but the enthusiasm cooled off quickly.
Shares of AgEagle Aerial Systems (NYSEMKT: UAVS) jumped as much as 27% on Friday morning after the drone maker said its subsidiary had been selected, along with other vendors, to work with the Defense Department.
Investors have now had 24 hours to digest the AgEagle Aerial Systems (NYSEMKT: UAVS) earnings report, and they still aren't finding much to get excited about. The maker of small, agriculture-focused drones burst onto the scene last year, going from penny stock status valued by the market at less than $10 million to a nearly $1 billion market capitalization at its high on rumors the company was working with Amazon on a retail delivery drone. This week's earnings report appears to have poured a cold dose of reality on those dreams about what the business could become.