Red Cat (NASDAQ:RCAT) Trading Down 5.8% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) dropped 5.8% on Thursday . The company traded as low as $11.44 and last traded at $12.10. Approximately 3,359,620 shares were traded during trading, an increase of 43% from the average daily volume of 2,351,939 shares. The stock had previously closed at $12.85.

Red Cat Stock Performance

The business has a 50 day simple moving average of $7.41 and a 200-day simple moving average of $4.14. The firm has a market capitalization of $935.48 million, a price-to-earnings ratio of -25.37 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings data 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 return on equity of 66.19% and a negative net margin of 162.50%. During the same period in the previous year, the business earned ($0.11) earnings per share. Equities analysts predict that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Red Cat

In other Red Cat news, Director Nicholas Reyland Liuzza, Jr. sold 328,928 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $8.29, for a total value of $2,726,813.12. Following the sale, the director now directly owns 681,072 shares of the company’s stock, valued at approximately $5,646,086.88. This represents a 32.57 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jeffrey M. Thompson sold 392,551 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $11.34, for a total transaction of $4,451,528.34. Following the transaction, the chief executive officer now owns 13,121,898 shares of the company’s stock, valued at approximately $148,802,323.32. The trade was a 2.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,930,441 shares of company stock worth $21,099,751. 21.50% of the stock is currently owned by insiders.

Institutional Trading of Red Cat

A number of institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC purchased a new stake in Red Cat in the third quarter valued at $25,000. Sheets Smith Wealth Management purchased a new stake in shares of Red Cat in the 3rd quarter valued at about $51,000. PVG Asset Management Corp acquired a new stake in shares of Red Cat in the 2nd quarter valued at about $63,000. XTX Topco Ltd grew its stake in 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 buying an additional 46,897 shares during the last quarter. Finally, United Capital Management of KS Inc. purchased a new stake in Red Cat in the 3rd quarter valued at $108,000. 37.97% of the stock is 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.