Insider Selling: Red Cat Holdings, Inc. (NASDAQ:RCAT) Insider Sells 112,686 Shares of Stock

Red Cat Holdings, Inc. (NASDAQ:RCAT) insider George Michael Matus sold 112,686 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $9.20, for a total value of $1,036,711.20. Following the completion of the transaction, the insider now directly owns 973,103 shares in the company, valued at $8,952,547.60. The trade was a 10.38 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Red Cat Stock Up 18.3 %

Shares of NASDAQ:RCAT opened at $10.75 on Monday. The stock has a market capitalization of $861.73 million, a PE ratio of -23.37 and a beta of 1.33. The firm’s 50 day moving average price is $5.91 and its 200-day moving average price is $3.49. Red Cat Holdings, Inc. has a twelve month low of $0.56 and a twelve month high of $12.57.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings results on Monday, December 16th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.27). Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. During the same quarter in the prior year, the company earned ($0.11) earnings per share. Analysts expect that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Red Cat

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC purchased a new stake in Red Cat in the second quarter worth about $267,000. Corsair Capital Management L.P. purchased a new stake in Red Cat in the 3rd quarter worth approximately $308,000. Wolverine Trading LLC bought a new stake in Red Cat during the 3rd quarter worth approximately $233,000. Centiva Capital LP purchased a new position in Red Cat during the third quarter valued at approximately $207,000. Finally, State Street Corp lifted its holdings 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 purchasing an additional 68,800 shares in the last quarter. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

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.