Drones can be simply defined as “unmanned” flying devices or unpiloted aircraft that can be used to serve various purposes, such as photography and delivery services. Most importantly, drone technology plays an important role in the military and defence sectors.
In this article, we discuss three ASX-listed drone stocks and their performances on the ASX today: DroneShield Limited (ASX:DRO), Orbital Corporation Limited (ASX:OEC), and XTEK Limited (ASX:XTE).
DroneShield Limited (ASX:DRO)
DroneShield Limited (ASX:DRO) began Thursday’s trading session on a negative note on the ASX. Its share price has declined by 2.564% to AU$0.190 per share at 10:15 AM AEDT today.
DroneShield is known for offering artificial intelligence-based protection against advanced threats, like counterdrone and electronic warfare applications. DroneShield is a Sydney-based company holding a market capitalisation of AU$84.34 million.
On 25 October 2022, DroneShield announced that it had secured an order worth AU$900,000 for counterdrone systems placed by a government agency. This agency is of an Asian country that is allied with the West. DroneShield said that the delivery and payment for this order will take place during the December and March 2023 quarter.
Oleg Vornik, CEO of DroneShield, said:
The share price of DroneShield has appreciated by over 5% on the ASX in the last 12 months. Furthermore, the company’s share price has marked a gain of over 18% on the ASX in a month (as of 10:15 AM AEDT today).
Orbital Corporation Limited (ASX:OEC)
Image source: © Alexsalcedo | Megapixl.com
Shares of Orbital Corporation Limited (ASX:OEC) were buzzing in the green territory on the ASX during the morning trading session on Thursday. The company’s share price marked a gain of 6.521% to AU$0.245 per share at 10:12 AM AEDT today.
Orbital Corporation is a Western Australia-based technology company developing innovative solutions for a cleaner world. The company primarily delivers unmanned ariel solutions to its customers. Orbital Corporation currently holds a market capitalisation of AU$21.16 million.
Orbital Corporation’s share price has declined by almost 55% on the ASX in a year, and on a year-to-date (YTD) basis, the company’s share price has come down by almost 37% on the ASX (as of 10:12 AM AEDT today).
XTEK Limited (ASX:XTE)
Image source: © Kadmy | Megapixl.com
Shares of XTEK Limited (ASX:XTE) were spotted trading in the red territory on the ASX on Thursday morning. The company’s share price fell by 1.785% to AU$0.550 per share on the ASX at 10:48 AM AEDT today.
XTEK is an ASX-listed technology company with a market capitalisation of AU$56.98 million. The company is popularly known for delivering technology-driven security product solutions to its customers. XTEK mainly serves the police force, government agencies, and army officials in the country.
On 1 November 2022, XTEK shared an update on some significant changes in its senior management team in its corporate headquarters and its wholly-owned US-based subsidiary HighCom Armor Solutions Inc. This was a part of XTEK’s growth strategy and its aim of global expansion.
- XTEK has appointed Jacqui Myers as the new CFO of the group, effective from 28 November 2022. XTEK’s update also revealed that Jacqui would be replacing the company’s current CFO, David Brooking. Jacqui is a highly qualified finance professional with prior work experience at reputed corporate firms in Australia.
- In its update, XTEK also shared that it has appointed Sally Nordeen as the new CEO of HighCom Armor Solutions Inc., a wholly-owned US-based subsidiary of XTEK. Sally’s role as the CEO will be effective from 14 November 2022. Sally will be replacing Mike Bundy, the current CEO of HighCom.
In the past 12 months, XTEK’s share price has gone up significantly, by over 103%, on the ASX, and on a YTD basis the company’s share price has gained over 129% on the ASX (as of 10:48 AM AEDT today).
Meanwhile, the ASX 200 Information Technology sector (INDEXASX:XIJ) was quoted at 1,422.1 points, down by 1.687% or 24.4 points, on the ASX at 11:40 AM AEDT today (3 November 2022).