Red Cat (NASDAQ:RCAT) Stock Price Down 15.2% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCATGet Free Report) shares traded down 15.2% during trading on Monday . The company traded as low as $8.29 and last traded at $8.56. 13,174,926 shares changed hands during trading, a decline of 4% from the average session volume of 13,691,270 shares. The stock had previously closed at $10.10.

Red Cat Price Performance

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 stock has a market capitalization of $686.17 million, a price-to-earnings ratio of -15.85 and a beta of 1.32. The company has a 50-day simple moving average of $9.33 and a two-hundred day simple moving average of $5.02.

Red Cat (NASDAQ:RCATGet Free Report) last issued 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 net margin of 232.62% and a negative return on equity of 96.00%. During the same quarter in the prior year, the company earned ($0.11) earnings per share. On average, equities research analysts predict that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current year.

Insider Transactions at Red Cat

In related news, CEO Jeffrey M. Thompson sold 392,551 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $11.34, for a total value of $4,451,528.34. Following the completion of the sale, the chief executive officer now owns 13,121,898 shares of the company’s stock, valued at $148,802,323.32. This represents a 2.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Geoffrey Wayne Hitchcock sold 113,823 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $10.44, for a total transaction of $1,188,312.12. Following the completion of the sale, the executive now directly owns 558,325 shares of the company’s stock, valued at approximately $5,828,913. This represents a 16.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,930,441 shares of company stock worth $21,099,751. Company insiders own 21.50% of the company’s stock.

Institutional Investors Weigh In On Red Cat

Several hedge funds have recently modified their holdings of the stock. Centiva Capital LP acquired a new position in Red Cat in the 3rd quarter worth approximately $207,000. Wolverine Trading LLC purchased a new stake in shares of Red Cat in the third quarter valued at $233,000. Corsair Capital Management L.P. acquired a new stake in shares of Red Cat in the third quarter worth $308,000. Pekin Hardy Strauss Inc. purchased a new position in shares of Red Cat during the third quarter valued at $138,000. Finally, State Street Corp raised its position in Red Cat by 44.9% during the third quarter. State Street Corp now owns 221,958 shares of the company’s stock valued at $564,000 after buying an additional 68,800 shares during the period. 37.97% of the stock is owned by hedge funds and other institutional investors.

About Red Cat

(Get Free Report)

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.

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