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AeroVironment (NASDAQ:AVAV) +4.8% post-market, following a 5.5% loss in Friday’s common buying and selling day, after CEO Wahid Nawabi advised Bloomberg that the corporate is in direct talks with Ukraine’s authorities over the opportunity of extra gross sales of the corporate’s Switchblade dive-bombing drones.
Regardless of the surge in deliveries of the drones to Ukraine, the Pentagon “has an honest amount of our Switchblades in inventory stock and we stand prepared to provide hundreds and hundreds extra” at a devoted West Coast manufacturing unit, Nawabi advised Bloomberg.
The corporate needs the Protection Division to offer it a designation, referred to as “DO,” for future Switchblade and different techniques that can give it the next precedence within the provide chain for essential parts like microprocessors, Nawabi mentioned.
AeroVironment (AVAV) shares sank Friday as Baird analysts issued a downgrade, saying the ~60% surge throughout the previous two months “displays plenty of future Switchblade orders which can take time to materialize.”
