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Drone stocks fall as risk-off sentiment hits high-beta shares: AeroVironment down 4%, Red Cat down 3%, Ondas down 2%.
In Wednesday afternoon trading, high-beta drone stocks generally pulled back due to market risk aversion. AeroVironment (NASDAQ:AVAV) fell 4% to $142.40, Red Cat (NASDAQ:RCAT) dropped 3% to $8.41, and Ondas (NASDAQ:ONDS) declined 2% to $7.50. The Defiance Drone and Modern Warfare ETF (NYSEARCA:JEDI) was down 2%, while the S&P 500 Index ETF (NYSEARCA:SPY) only fell 0.4%, indicating that the sell-off was a rotation of funds out of speculative high-beta assets rather than a broad market weakening.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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