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Why the DroneShield (ASX:DRO) share price shot up 10% today // Motley Fool Australia
The DroneShield Ltd (ASX: DRO) share price is climbing higher after announcing a new research & development (R&D) contract today.
In mid-morning trade, shares in the defence contractor shot up 10.5% to a high of 21 cents, before retreating slightly to 20 cents at the time of writing. In comparison, the All Ordinaries Index (ASX: XAO) is flat at 6,617 points.
Let’s take a look at what exactly is fuelling the DroneShield share price rise.
New contract win
DroneShield advised that it received an R&D contract related to its artificial intelligence/machine learning algorithms.
The company did not reveal which country placed the order, but said that it was from a defence department of a ‘Five Eyes’ country. The term ‘Five Eyes’…
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