AeroVironment, Inc. (AVAV) Secures $117M US Army UAV Contract Following $97M Contract

AeroVironment, Inc. (NASDAQ:AVAV) is one of the best defense contractor stocks to buy right now. On March 23, analysts at BTIG reiterated a Buy rating on AeroVironment, Inc. (NASDAQ:AVAV) and a $330 price target.

AeroVironment Inc. (AVAV) Secures $117M US Army UAV Contract following $97M Contract
AeroVironment Inc. (AVAV) Secures $117M US Army UAV Contract following $97M Contract

Michael Fitzsimmons/Shutterstock.com

The positive stance is in response to the company receiving two firm-fixed-price contracts. Under the $117 million contract, the company is to deliver P550 long-range reconnaissance uncrewed aerial vehicles (UAVs) to the US Army. The contract includes finding unmanned aerial systems, battery chargers, ground control stations, launchers, and training materials.

The Red Dragon contract seeks to support the Army’s Long Range Reconnaissance program and represents the first contract for the company’s one-way platform. AeroVironment’s management is confident the platform will scale to Switchblade-like levels by the end of the decade.

According to BTIG, the latest contract underlines momentum across the company’s Autonomous Systems segment. Earlier in the month, the company secured a $97.4 million contract under the U.S. Army’s Aviation and Missile Technology Consortium (AMTC). The contract is for the development and delivery of a Generative Environment for the Next Era of Spectral Imaging Stimulators (GENESIS).

AeroVironment Inc. (NASDAQ:AVAV) is a leading defense technology company specializing in intelligent, multi-domain robotic systems, including small unmanned aircraft systems (UAS), tactical missile systems, and unmanned ground vehicles.

While we acknowledge the potential of AVAV as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 Robinhood Stocks with High Potential and 15 Best Forever Stocks to Buy Now.

Disclosure: None. Follow Insider Monkey on Google News.

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