Red Cat (NASDAQ:RCAT) Trading Up 3.1% – Here’s Why

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) rose 3.1% during trading on Friday . The stock traded as high as $9.38 and last traded at $9.37. Approximately 803,396 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 1,931,903 shares. The stock had previously closed at $9.09.

Red Cat Trading Up 22.1 %

The business’s 50-day simple moving average is $5.76 and its two-hundred day simple moving average is $3.41. The firm has a market cap of $837.66 million, a price-to-earnings ratio of -24.13 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last posted 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 quarter last year, the firm earned ($0.11) EPS. On average, analysts forecast that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Red Cat

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC acquired a new position in shares of Red Cat during the second quarter valued at about $267,000. Corsair Capital Management L.P. purchased a new stake in Red Cat in the third quarter worth $308,000. Wolverine Trading LLC bought a new stake in shares of Red Cat in the third quarter valued at $233,000. Centiva Capital LP bought a new position in shares of Red Cat during the 3rd quarter worth $207,000. Finally, State Street Corp raised its stake 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 acquiring an additional 68,800 shares during the period. 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.