Red Cat (NASDAQ:RCAT) Shares Down 3.6% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares traded down 3.6% on Thursday . The company traded as low as $8.39 and last traded at $8.43. 5,155,982 shares were traded during mid-day trading, a decline of 51% from the average session volume of 10,620,210 shares. The stock had previously closed at $8.75.

Red Cat Price Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.60 and a current ratio of 1.43. The company has a 50-day simple moving average of $9.78 and a 200-day simple moving average of $5.22. The company has a market cap of $691.78 million, a price-to-earnings ratio of -15.98 and a beta of 1.32.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings data on Monday, December 16th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.27). Red Cat had a negative return on equity of 96.00% and a negative net margin of 232.62%. During the same quarter in the previous year, the company posted ($0.11) EPS. As a group, research analysts predict that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current year.

Insider Activity at Red Cat

In other Red Cat news, insider George Michael Matus sold 309,491 shares of Red Cat stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $14.27, for a total value of $4,416,436.57. Following the completion of the sale, the insider now directly owns 304,406 shares of the company’s stock, valued at approximately $4,343,873.62. The trade was a 50.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph David Freedman sold 15,000 shares of the company’s stock in a transaction on Monday, December 30th. The shares were sold at an average price of $14.24, for a total value of $213,600.00. Following the completion of the transaction, the director now owns 585,190 shares of the company’s stock, valued at $8,333,105.60. The trade was a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,930,441 shares of company stock valued at $21,099,751. Insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Red Cat

Several hedge funds have recently modified their holdings of RCAT. Renaissance Technologies LLC purchased a new position in shares of Red Cat in the 2nd quarter worth $267,000. State Street Corp raised its holdings in shares of Red Cat by 44.9% in the 3rd quarter. State Street Corp now owns 221,958 shares of the company’s stock worth $564,000 after purchasing an additional 68,800 shares during the period. Corsair Capital Management L.P. acquired a new position in Red Cat during the third quarter valued at approximately $308,000. Wolverine Trading LLC acquired a new stake in shares of Red Cat in the third quarter worth $233,000. Finally, Centiva Capital LP purchased a new stake in Red Cat during the 3rd quarter worth $207,000. 37.97% of the stock is owned by institutional investors and hedge funds.

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.