Shares of drone-related companies rose sharply in premarket trading on Friday after Defense Secretary Pete Hegseth ordered an increase in drone production and deployment, according to a Fox News report.
Hegsett’s directive reportedly allows military commanders to procure and test 3D-printed prototypes alongside existing commercial drone models on the market.
Several stocks in the sector showed significant gains before the market opened.
Red Cat shares rose 12%, while AeroVironment gained 4.3%. Kratos Defense & Security Solutions also moved higher, up 3.3% in premarket trading.