Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Up 22.3% in March

Red Cat Holdings, Inc. (NASDAQ:RCAT) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 9,830,000 shares, an increase of 22.3% from the March 15th total of 8,040,000 shares. Approximately 14.6% of the shares of the company are sold short. Based on an average daily volume of 6,780,000 shares, the days-to-cover ratio is presently 1.4 days.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RCAT. Northland Capmk upgraded shares of Red Cat to a “strong-buy” rating in a research note on Monday, March 10th. Northland Securities initiated coverage on shares of Red Cat in a report on Tuesday, March 11th. They issued an “outperform” rating and a $13.00 target price on the stock.

Institutional Investors Weigh In On Red Cat

Several hedge funds have recently modified their holdings of RCAT. Squarepoint Ops LLC raised its stake in Red Cat by 23.0% during the 4th quarter. Squarepoint Ops LLC now owns 15,496 shares of the company’s stock valued at $199,000 after purchasing an additional 2,902 shares during the last quarter. Two Sigma Advisers LP bought a new position in shares of Red Cat during the 4th quarter worth about $362,000. Tidal Investments LLC acquired a new position in shares of Red Cat during the fourth quarter valued at about $270,000. Nomura Holdings Inc. bought a new stake in shares of Red Cat in the fourth quarter valued at about $180,000. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Red Cat in the fourth quarter valued at about $1,714,000. 37.97% of the stock is owned by institutional investors.

Red Cat Price Performance

Shares of NASDAQ:RCAT opened at $4.66 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average price of $6.29 and a 200 day moving average price of $7.18. The company has a market cap of $399.74 million, a price-to-earnings ratio of -8.63 and a beta of 1.34. Red Cat has a twelve month low of $0.80 and a twelve month high of $15.27.

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.