Red Cat (NASDAQ:RCAT) Sees Unusually-High Trading Volume – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares saw an uptick in trading volume on Tuesday . 4,769,559 shares changed hands during mid-day trading, an increase of 164% from the previous session’s volume of 1,804,845 shares.The stock last traded at $8.47 and had previously closed at $10.45.

Red Cat Price Performance

The company has a fifty day moving average price of $5.64 and a 200 day moving average price of $3.37. The stock has a market cap of $615.04 million, a P/E ratio of -17.72 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last posted its earnings results on Monday, December 16th. The company reported ($0.18) EPS 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 quarter in the prior year, the company earned ($0.11) EPS. As a group, sell-side analysts expect that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new stake in Red Cat during the second quarter worth $267,000. Corsair Capital Management L.P. purchased a new position in Red Cat during the 3rd quarter worth $308,000. Wolverine Trading LLC purchased a new stake in shares of Red Cat in the third quarter valued at about $233,000. Centiva Capital LP purchased a new stake in shares of Red Cat in the third quarter valued at about $207,000. Finally, State Street Corp lifted its position in shares of Red Cat by 44.9% during the third 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 in the last quarter. Institutional investors own 37.97% of the company’s stock.

About Red Cat

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.