Red Cat (NASDAQ:RCAT) Reaches New 12-Month High – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT) hit a new 52-week high during trading on Tuesday . The company traded as high as $15.27 and last traded at $14.19, with a volume of 16418037 shares trading hands. The stock had previously closed at $13.20.

Red Cat Trading Up 7.5 %

The firm has a 50-day simple moving average of $8.03 and a two-hundred day simple moving average of $4.42. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -30.85 and a beta of 1.32.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings results on Monday, December 16th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of $0.09 by ($0.27). Red Cat had a negative net margin of 162.50% and a negative return on equity of 66.19%. During the same period in the prior year, the firm posted ($0.11) earnings per share. On average, sell-side analysts forecast that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current year.

Insiders Place Their Bets

In other Red Cat news, insider George Michael Matus sold 309,491 shares of Red Cat stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $14.27, for a total value of $4,416,436.57. Following the transaction, the insider now directly owns 304,406 shares of the company’s stock, valued at $4,343,873.62. The trade was a 50.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joseph David Freedman sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $10.00, for a total value of $500,000.00. Following the transaction, the director now owns 635,190 shares of the company’s stock, valued at approximately $6,351,900. This trade represents a 7.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,930,441 shares of company stock valued at $21,099,751 in the last quarter. Insiders own 21.50% of the company’s stock.

Institutional Trading of Red Cat

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new position in shares of Red Cat during the second quarter valued at about $267,000. State Street Corp increased its stake in Red Cat by 44.9% during the third quarter. State Street Corp now owns 221,958 shares of the company’s stock valued at $564,000 after acquiring an additional 68,800 shares during the period. Corsair Capital Management L.P. acquired a new position in Red Cat in the 3rd quarter valued at approximately $308,000. Wolverine Trading LLC bought a new stake in shares of Red Cat in the 3rd quarter worth approximately $233,000. Finally, Centiva Capital LP acquired a new stake in shares of Red Cat during the 3rd quarter worth approximately $207,000. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.