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GoPro Got You Excited to Invest in Drones? Consider This Company

5/29/15 1:08 PM EDT
Shares of GoPro (GPRO) soared this week on news the video camera-maker is developing a 'quadcopter,' otherwise known as a drone -- but there are other ways to play this growing market, like through companies that provide components for the devices, according to TheStreet's Rex Crum. GoPro chief executive officer Nick Woodman announced at the Code Conference on Wednesday that the company's quadcopter will be outfitted with a camera, focused on consumers and is expected to become available in the first half of next year. He said the company will work with other manufacturers to provide cameras and software solutions, although GoPro is developing the hardware itself. But while GoPro may be getting its time in the spotlight for planning a drone camera, consider companies involved in developing the technology and components for drones. IXYS (IXYS) makes chips and controllers for many drones that are already in use. Jeff Sica, president of Sica Wealth Management, says the company has recently completed acquisitions and expanded its product offerings and is well-positioned for substantial growth moving forward. Sica said, 'The bottom line is drone use has the potential to be used across many different industries, and IXYS looks to capitalize on all industries.'
Stocks in this video: GPROIXYS
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