Red Cat (NASDAQ:RCAT) Stock Price Up 4.9% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares shot up 4.9% on Friday . The stock traded as high as $7.57 and last traded at $7.54. 324,896 shares traded hands during trading, a decline of 79% from the average session volume of 1,568,966 shares. The stock had previously closed at $7.19.

Red Cat Price Performance

The firm has a market cap of $621.08 million, a PE ratio of -17.89 and a beta of 1.33. The business’s fifty day moving average is $5.27 and its 200-day moving average is $3.19.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings results on Monday, September 23rd. The company reported ($0.17) earnings per share (EPS) for the quarter. Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. The company had revenue of $2.78 million for the quarter. Analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in shares of Red Cat during the 2nd quarter valued at approximately $267,000. XTX Topco Ltd grew its position in shares of Red Cat by 390.9% in the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock valued at $68,000 after purchasing an additional 46,897 shares in the last quarter. PVG Asset Management Corp bought a new stake in shares of Red Cat during the 2nd quarter valued at $63,000. Sheets Smith Wealth Management purchased a new stake in Red Cat during the 3rd quarter worth about $51,000. Finally, United Capital Management of KS Inc. bought a new position in Red Cat in the 3rd quarter worth about $108,000. Institutional investors own 37.97% of the company’s stock.

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.