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

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $8.15, but opened at $7.98. Red Cat shares last traded at $8.29, with a volume of 1,136,280 shares trading hands.

Red Cat Stock Performance

The business has a 50 day moving average of $5.64 and a two-hundred day moving average of $3.37. The firm has a market capitalization of $673.15 million, a price-to-earnings ratio of -19.39 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings results on Monday, December 16th. The company reported ($0.18) earnings per share (EPS) 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 quarter last year, the company posted ($0.11) earnings per share. On average, equities analysts predict that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Cat

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