Defense technology company AeroVironment (AVAV) just landed a new United States Army contract, which led to a marginal intraday improvement in its stock price on July 20. The company announced that it has been awarded a $117.30 million contract by the U.S. Army for its P550 electric vertical take-off and landing (eVTOL) unmanned aerial system. The UAS is expected to support the Army’s Long Range Reconnaissance program in modern warfare.
What does it mean for AeroVironment’s stock?