DRO tumbled -12.1% on Wednesday as the contentious stock continued on its roller-coaster ride. The stock fell for no fresh company news, just selling of the defence space, leading to aggressive profit taking (for some) following the stock’s more than +20% pop on Tuesday after they announced a $50mn contract to provide its counter-drone equipment to an existing European customer. This may have become the ultimate adrenaline junkies trading stock, putting Bitcoin to shame, but we would have no interest in buying strength with so many investors likely to be nurturing painful paper losses.
- We see DRO as uninvestable after three members of the board unanimously sold their holdings in very dubious circumstances.
MM is neutral towards DRO
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