AVAV - Why AeroVironment Stock Dropped This Week
2024-06-21 15:08:08 ET
AeroVironment (NASDAQ: AVAV) stock is wrapping up a volatile week, but ending on a weak note. Heading into the holiday Tuesday, the company known for its battery-powered small military drones announced another foray into hydrocarbons -- a 215-pound drone that runs on petrol. Investors liked the idea of the company broadening its product array, and the stock hit a new all-time high closing price of $219. This momentum continued as the market reopened yesterday, and AeroVironment hit an intraday high of $224 -- then stalled and began to fall.
Its stock plummeted 7.2% Thursday. As of 2 p.m. ET Friday, it's down another 7.2%, bringing the weekly loss to 11.9%, according to data provided by S&P Global Market Intelligence .
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Why AeroVironment Stock Dropped This Week