Red Cat (NASDAQ:RCAT) Shares Gap Down – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT) gapped down prior to trading on Thursday . The stock had previously closed at $7.29, but opened at $7.01. Red Cat shares last traded at $7.10, with a volume of 883,777 shares trading hands.

Red Cat Stock Up 14.5 %

The firm has a fifty day moving average of $5.27 and a 200-day moving average of $3.18. The stock has a market capitalization of $621.04 million, a price-to-earnings ratio of -17.89 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings data on Monday, September 23rd. The company reported ($0.17) EPS for the quarter. Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. The business had revenue of $2.78 million during the quarter. As a group, research analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Trading of Red Cat

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in Red Cat in the 2nd quarter valued at $267,000. State Street Corp increased its stake in Red Cat by 44.9% in the third quarter. State Street Corp now owns 221,958 shares of the company’s stock valued at $564,000 after purchasing an additional 68,800 shares during the last quarter. Corsair Capital Management L.P. purchased a new position in Red Cat during the third quarter worth about $308,000. Wolverine Trading LLC acquired a new position in shares of Red Cat during the 3rd quarter valued at about $233,000. Finally, Centiva Capital LP purchased a new position in shares of Red Cat during the 3rd quarter worth about $207,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

About Red Cat

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.