Red Cat Holdings, Inc. (NASDAQ:RCAT) Sees Significant Increase in Short Interest

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 3,230,000 shares, a growth of 22.3% from the July 31st total of 2,640,000 shares. Currently, 6.4% of the company’s shares are short sold. Based on an average daily volume of 987,600 shares, the days-to-cover ratio is currently 3.3 days.

Red Cat Trading Down 1.3 %

Shares of RCAT stock opened at $3.11 on Friday. Red Cat has a fifty-two week low of $0.52 and a fifty-two week high of $3.27. The stock has a 50 day moving average price of $2.07 and a two-hundred day moving average price of $1.35.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.10) earnings per share for the quarter. Red Cat had a negative net margin of 134.84% and a negative return on equity of 45.56%. The company had revenue of $6.31 million during the quarter. On average, analysts predict that Red Cat will post -0.22 earnings per share for the current year.

Hedge Funds Weigh In On Red Cat

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. PVG Asset Management Corp bought a new position in shares of Red Cat during the second quarter valued at approximately $63,000. XTX Topco Ltd raised its holdings in shares of Red Cat by 390.9% during the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock valued at $68,000 after acquiring an additional 46,897 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Red Cat during the second quarter valued at approximately $267,000. AIGH Capital Management LLC bought a new position in shares of Red Cat during the fourth quarter valued at approximately $4,423,000. Finally, Worth Venture Partners LLC bought a new position in shares of Red Cat during the fourth quarter valued at approximately $1,101,000. Institutional investors own 37.97% of the company’s stock.

Analysts Set New Price Targets

Separately, LADENBURG THALM/SH SH initiated coverage on Red Cat in a research report on Friday, June 14th. They issued a “buy” rating and a $4.00 price objective for the company.

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.