Red Cat (NASDAQ:RCAT) Shares Gap Up – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $11.89, but opened at $12.16. Red Cat shares last traded at $13.41, with a volume of 3,680,875 shares trading hands.

Red Cat Trading Down 8.6 %

The company has a market cap of $982.77 million, a P/E ratio of -26.65 and a beta of 1.33. The firm has a 50-day moving average of $6.79 and a 200 day moving average of $3.86.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings data 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 return on equity of 66.19% and a negative net margin of 162.50%. During the same quarter last year, the company posted ($0.11) EPS. On average, equities analysts predict that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Insider Buying and Selling at Red Cat

In other news, Director Nicholas Reyland Liuzza, Jr. sold 328,928 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 681,072 shares in the company, valued at $5,646,086.88. The trade was a 32.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jeffrey M. Thompson sold 392,551 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $11.34, for a total value of $4,451,528.34. Following the transaction, the chief executive officer now directly owns 13,121,898 shares in the company, valued at $148,802,323.32. The trade was a 2.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,915,441 shares of company stock valued at $20,886,151. Corporate insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RCAT. Sanctuary Advisors LLC acquired a new stake in shares of Red Cat in the 3rd quarter worth about $25,000. Sheets Smith Wealth Management bought a new stake in Red Cat during the 3rd quarter worth approximately $51,000. United Capital Management of KS Inc. purchased a new stake in shares of Red Cat in the third quarter worth approximately $108,000. XTX Topco Ltd raised its stake in shares of Red Cat by 390.9% in 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 last quarter. Finally, Pekin Hardy Strauss Inc. bought a new position in shares of Red Cat in the third quarter valued at approximately $138,000. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.