Red Cat (NASDAQ:RCAT) Shares Gap Up – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $9.18, but opened at $9.50. Red Cat shares last traded at $9.52, with a volume of 666,166 shares trading hands.

Red Cat Trading Down 8.5 %

The stock has a market capitalization of $633.86 million, a PE ratio of -21.54 and a beta of 1.33. The business’s 50-day moving average is $4.46 and its two-hundred day moving average is $2.82.

Red Cat (NASDAQ:RCAT) last issued its earnings results on Monday, September 23rd. The company reported ($0.17) earnings per share (EPS) for the quarter. Red Cat had a negative net margin of 162.50% and a negative return on equity of 66.19%. The company had revenue of $2.78 million during the quarter. On average, analysts predict that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of RCAT. Renaissance Technologies LLC acquired a new position in shares of Red Cat in the 2nd quarter valued at about $267,000. XTX Topco Ltd lifted its stake in Red Cat by 390.9% during the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock worth $68,000 after purchasing an additional 46,897 shares during the period. PVG Asset Management Corp bought a new position in Red Cat during the 2nd quarter valued at about $63,000. Sheets Smith Wealth Management bought a new stake in shares of Red Cat during the third quarter worth $51,000. Finally, United Capital Management of KS Inc. acquired a new stake in shares of Red Cat in the third quarter valued at approximately $108,000. Institutional investors own 37.97% of the company’s stock.

Red Cat Company Profile

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.