Red Cat (NASDAQ:RCAT) Trading Up 3.1% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price rose 3.1% on Friday . The stock traded as high as $9.38 and last traded at $9.37. Approximately 803,396 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 1,931,903 shares. The stock had previously closed at $9.09.

Red Cat Price Performance

The firm has a market capitalization of $861.73 million, a price-to-earnings ratio of -23.37 and a beta of 1.33. The stock has a fifty day moving average of $5.91 and a two-hundred day moving average of $3.48.

Red Cat (NASDAQ:RCAT) last issued 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 net margin of 162.50% and a negative return on equity of 66.19%. During the same period last year, the firm posted ($0.11) earnings per share. On average, research analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Insiders Place Their Bets

In other news, Director Joseph David Freedman sold 50,000 shares of Red Cat stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $10.00, for a total value of $500,000.00. Following the completion of the transaction, the director now directly owns 635,190 shares of the company’s stock, valued at approximately $6,351,900. This trade represents a 7.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider George Michael Matus sold 112,686 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were 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. This represents a 10.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 491,614 shares of company stock worth $4,263,524. 21.50% of the stock is currently owned by insiders.

Institutional Trading of Red Cat

Several large investors have recently modified their holdings of RCAT. Sanctuary Advisors LLC acquired a new position in shares of Red Cat during the 3rd quarter valued at $25,000. Sheets Smith Wealth Management bought a new stake in Red Cat in the third quarter valued at $51,000. United Capital Management of KS Inc. acquired a new position in shares of Red Cat during the third quarter valued at about $108,000. XTX Topco Ltd boosted its position in shares of Red Cat by 390.9% during the 2nd quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock worth $68,000 after purchasing an additional 46,897 shares in the last quarter. Finally, Pekin Hardy Strauss Inc. acquired a new stake in shares of Red Cat in the 3rd quarter valued at about $138,000. 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.