DroneShield shares experienced a downturn in early trading on Thursday, making it one of the weakest performers on the ASX 200. At 10:35 am AEDT, shares in the anti-drone technology company were down 2.8 per cent to $2.11, following an intraday low of $2.07. This decline comes after a period of significant growth, with the stock surging nearly 25 per cent in the past week.
The recent surge was fuelled by a $5.2 million contract win in Europe and the appointment of a new US boss. DroneShield specialises in developing counter-drone solutions, offering products and services that protect against evolving drone threats. The Australian company’s technology is used in a variety of sectors, including defence, security, and critical infrastructure.
Despite the recent volatility, DroneShield’s stock has had a notable year, remaining up 180 per cent since the start of 2024. The sharemarket movements follow substantial stock sales by DroneShield’s chief executive, Oleg Vornik, along with the company’s chairman and a director, collectively selling nearly $70 million worth of stock. This activity triggered considerable market reaction, contributing to the stock’s fluctuating performance.
Investors appear to be taking profits after the stock’s strong performance last week, leading to the current dip. Market analysts will be closely watching DroneShield’s performance in the coming days to gauge the long-term impact of these recent events.
