Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Down 44.6% in March

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the target of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 8,040,000 shares, a decline of 44.6% from the February 28th total of 14,520,000 shares. Currently, 11.9% of the shares of the company are short sold. Based on an average daily trading volume, of 8,480,000 shares, the short-interest ratio is presently 0.9 days.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RCAT shares. Northland Capmk raised Red Cat to a “strong-buy” rating in a report on Monday, March 10th. Northland Securities initiated coverage on shares of Red Cat in a research note on Tuesday, March 11th. They issued an “outperform” rating and a $13.00 price objective for the company.

Insider Buying and Selling

In related news, Director Joseph David Freedman sold 15,000 shares of Red Cat stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $14.24, for a total transaction of $213,600.00. Following the completion of the sale, the director now directly owns 585,190 shares of the company’s stock, valued at approximately $8,333,105.60. This trade represents a 2.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 21.50% of the stock is currently owned by insiders.

Institutional Trading of Red Cat

Several large investors have recently modified their holdings of RCAT. Waddell & Associates LLC bought a new stake in Red Cat during the fourth quarter worth about $159,643,000. Rockefeller Capital Management L.P. acquired a new position in shares of Red Cat in the 4th quarter valued at approximately $6,628,000. Captrust Financial Advisors bought a new stake in shares of Red Cat during the 4th quarter worth approximately $4,262,000. Apis Capital Advisors LLC boosted its position in shares of Red Cat by 61.7% during the 4th quarter. Apis Capital Advisors LLC now owns 650,000 shares of the company’s stock worth $8,352,000 after acquiring an additional 248,000 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Red Cat by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 2,505,613 shares of the company’s stock valued at $32,197,000 after acquiring an additional 207,727 shares during the last quarter. 37.97% of the stock is owned by institutional investors and hedge funds.

Red Cat Price Performance

NASDAQ:RCAT traded down $0.11 during trading hours on Friday, reaching $5.89. 2,910,798 shares of the company were exchanged, compared to its average volume of 3,996,930. The company has a market capitalization of $504.28 million, a P/E ratio of -10.91 and a beta of 1.32. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.43 and a quick ratio of 0.60. The business has a 50 day moving average of $7.40 and a 200 day moving average of $6.77. Red Cat has a 1-year low of $0.75 and a 1-year high of $15.27.

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.