Why AgEagle Aerial Systems Stock Flew Higher Today
The Federal Aviation Administration (FAA) is moving forward with new rules designed to allow the use of drones in package deliveries, and that has drone stocks on the march higher. Shares of AgEagle Aerial Systems (NYSEMKT: UAVS), a company that has been in the spotlight a lot this year, shot up as high as 20% on Wednesday before giving back some of those gains as the day went on. The stock closed 15% higher.
In December, the FAA announced rules designed to address security and safety concerns for the unmanned aerial vehicles, including requiring remote identification technology to help keep track of who is flying what. There was a delay in implementing the new guidelines to allow the new administration to review them, but as of Wednesday, the new rules are now in effect.
Secretary of Transportation Pete Buttigieg called the rules "an important first step in safely and securely managing the growing use of drones in our airspace."
Source Fool.com
