Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Up 22.3% in March

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the recipient of a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 9,830,000 shares, a growth of 22.3% from the March 15th total of 8,040,000 shares. Approximately 14.6% of the company’s shares are short sold. Based on an average daily volume of 6,780,000 shares, the short-interest ratio is currently 1.4 days.

Red Cat Stock Down 9.2 %

RCAT stock opened at $4.66 on Tuesday. The company has a 50 day moving average of $6.29 and a two-hundred day moving average of $7.18. The company has a market cap of $399.74 million, a price-to-earnings ratio of -8.63 and a beta of 1.34. Red Cat has a 12-month low of $0.80 and a 12-month high of $15.27. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30.

Institutional Trading of Red Cat

Hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in Red Cat in the 3rd quarter worth about $25,000. Twin Tree Management LP bought a new stake in shares of Red Cat in the 4th quarter valued at approximately $28,000. Bank of America Corp DE grew its stake in shares of Red Cat by 407.0% in the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after buying an additional 2,727 shares in the last quarter. Mark Sheptoff Financial Planning LLC acquired a new position in Red Cat in the fourth quarter worth approximately $48,000. Finally, SBI Securities Co. Ltd. bought a new position in Red Cat during the fourth quarter valued at approximately $60,000. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RCAT shares. Northland Capmk upgraded Red Cat to a “strong-buy” rating in a report on Monday, March 10th. Northland Securities started coverage on Red Cat in a research report on Tuesday, March 11th. They set an “outperform” rating and a $13.00 price objective for the company.

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.