Red Cat (NASDAQ:RCAT) Trading Up 6.5% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price rose 6.5% on Tuesday . The stock traded as high as $10.20 and last traded at $9.94. Approximately 3,007,844 shares traded hands during trading, a decline of 70% from the average daily volume of 9,900,755 shares. The stock had previously closed at $9.33.

Red Cat Stock Performance

The business’s fifty day moving average is $8.83 and its 200-day moving average is $4.78. The firm has a market cap of $730.27 million, a P/E ratio of -19.80 and a beta of 1.32.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Monday, December 16th. The company reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates 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 last year, the company earned ($0.11) earnings per share. Analysts predict that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Insider Transactions at Red Cat

In other news, Director Nicholas Reyland Liuzza, Jr. sold 328,928 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $8.29, for a total transaction of $2,726,813.12. Following the completion of the sale, the director now owns 681,072 shares in the company, valued at $5,646,086.88. The trade was a 32.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jeffrey M. Thompson sold 392,551 shares of Red Cat stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $11.34, for a total transaction of $4,451,528.34. Following the completion of the sale, the chief executive officer now directly owns 13,121,898 shares of the company’s stock, valued at approximately $148,802,323.32. The trade was a 2.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,930,441 shares of company stock worth $21,099,751 over the last ninety days. 21.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

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