Red Cat (NASDAQ:RCAT) Hits New 52-Week High – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $13.89 and last traded at $11.92, with a volume of 9469258 shares changing hands. The stock had previously closed at $10.75.

Red Cat Stock Up 7.8 %

The company has a market capitalization of $953.11 million, a P/E ratio of -25.85 and a beta of 1.33. The business has a fifty day moving average price of $6.22 and a 200 day moving average price of $3.66.

Red Cat (NASDAQ:RCAT) last released 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 net margin of 162.50% and a negative return on equity of 66.19%. During the same period in the prior year, the firm posted ($0.11) earnings per share. As a group, equities analysts forecast that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Nicholas Reyland Liuzza, Jr. sold 328,928 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $8.29, for a total transaction of $2,726,813.12. Following the sale, the director now owns 681,072 shares in the company, valued at approximately $5,646,086.88. This represents a 32.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider George Michael Matus sold 112,686 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $9.20, for a total value of $1,036,711.20. Following the transaction, the insider now directly owns 973,103 shares of the company’s stock, valued at $8,952,547.60. This trade represents a 10.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 778,727 shares of company stock worth $7,117,428. 21.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Red Cat

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new stake in Red Cat in the second quarter valued at $267,000. XTX Topco Ltd grew its holdings in Red Cat by 390.9% during the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock worth $68,000 after purchasing an additional 46,897 shares during the period. PVG Asset Management Corp acquired a new position in Red Cat during the second quarter worth approximately $63,000. Sheets Smith Wealth Management bought a new stake in Red Cat in the third quarter valued at approximately $51,000. Finally, United Capital Management of KS Inc. acquired a new stake in shares of Red Cat in the third quarter valued at approximately $108,000. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.