Agriculture drone manufacturer AgEagle Aerial Systems (NYSEMKT: UAVS) is gaining altitude again, up as much as 19% on Wednesday morning before falling back some. The stock has more than doubled in the first few weeks of 2021 on little company-specific news, a trend that shows no sign of reversing at this moment.
It's hard to say what to make of AgEagle, a company with a lot of potential but so far not much to show for it. AgEagle generated $750,325 in revenue in the third quarter last year, and $1.16 million in the first nine months of 2020. That's up 1,700% year over year for the quarter and up 974% for the nine-month period, but seemingly not nearly enough to justify AgEagle's $750 million market capitalization.
Image source: Getty Images.
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Why Shares of AgEagle Aerial Systems Are Up Today