Red Cat (NASDAQ:RCAT) Shares Gap Down – What’s Next?

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) gapped down before the market opened on Tuesday . The stock had previously closed at $9.61, but opened at $8.97. Red Cat shares last traded at $9.23, with a volume of 1,803,598 shares.

Red Cat Stock Down 11.7 %

The business’s fifty day simple moving average is $3.64 and its two-hundred day simple moving average is $2.45. The company has a market cap of $640.66 million, a price-to-earnings ratio of -19.61 and a beta of -0.07.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings data on Monday, September 23rd. The company reported ($0.17) earnings per share for the quarter. Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. The company had revenue of $2.78 million for the quarter. Sell-side analysts predict that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Red Cat

Institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new position in Red Cat in the 3rd quarter valued at $25,000. Sheets Smith Wealth Management acquired a new position in Red Cat in the third quarter valued at $51,000. United Capital Management of KS Inc. acquired a new stake in Red Cat in the 3rd quarter worth about $108,000. XTX Topco Ltd grew its holdings in Red Cat by 390.9% in the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock valued at $68,000 after purchasing an additional 46,897 shares during the period. Finally, Pekin Hardy Strauss Inc. acquired a new position in Red Cat during the third quarter worth approximately $138,000. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

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.