Red Cat (NASDAQ:RCAT) Sees Strong Trading Volume – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) saw strong trading volume on Friday . 3,430,559 shares changed hands during mid-day trading, an increase of 200% from the previous session’s volume of 1,143,657 shares.The stock last traded at $8.38 and had previously closed at $7.30.

Red Cat Price Performance

The firm has a fifty day simple moving average of $3.39 and a two-hundred day simple moving average of $2.33. The firm has a market capitalization of $701.02 million, a P/E ratio of -18.39 and a beta of -0.07.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings results on Monday, September 23rd. The company reported ($0.17) earnings per share for the quarter. The firm had revenue of $2.78 million for the quarter. Red Cat had a negative net margin of 162.50% and a negative return on equity of 66.19%. On average, research analysts anticipate that Red Cat Holdings, Inc. will post -0.33 EPS for the current year.

Hedge Funds Weigh In On Red Cat

A number of hedge funds have recently added to or reduced their stakes in RCAT. Sheets Smith Wealth Management bought a new position in shares of Red Cat during the 3rd quarter valued at about $51,000. United Capital Management of KS Inc. bought a new position in Red Cat in the third quarter worth approximately $108,000. XTX Topco Ltd grew its holdings in Red Cat by 390.9% in the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock worth $68,000 after purchasing an additional 46,897 shares during the last quarter. Pekin Hardy Strauss Inc. purchased a new stake in shares of Red Cat during the third quarter valued at $138,000. Finally, PVG Asset Management Corp acquired a new position in Red Cat during the second quarter valued at $63,000. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

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.