Red Cat (NASDAQ:RCAT) Shares Gap Down – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price gapped down before the market opened on Monday . The stock had previously closed at $5.89, but opened at $5.47. Red Cat shares last traded at $5.81, with a volume of 1,040,894 shares.

Wall Street Analysts Forecast Growth

RCAT has been the subject of a number of analyst reports. Northland Securities initiated coverage on Red Cat in a research report on Tuesday, March 11th. They set an “outperform” rating and a $13.00 price objective for the company. Northland Capmk raised shares of Red Cat to a “strong-buy” rating in a report on Monday, March 10th.

Red Cat Stock Performance

The firm has a market capitalization of $495.29 million, a price-to-earnings ratio of -10.77 and a beta of 1.32. The company has a 50-day moving average price of $7.40 and a 200-day moving average price of $6.80. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30.

Hedge Funds Weigh In On Red Cat

A number of institutional investors and hedge funds have recently bought and sold shares of RCAT. Silver Oak Securities Incorporated lifted its position in Red Cat by 502.3% in the fourth quarter. Silver Oak Securities Incorporated now owns 60,755 shares of the company’s stock worth $856,000 after purchasing an additional 50,668 shares during the period. N.E.W. Advisory Services LLC purchased a new stake in Red Cat in the 4th quarter worth about $423,000. Centiva Capital LP acquired a new stake in shares of Red Cat during the third quarter worth approximately $207,000. Wolverine Trading LLC purchased a new position in shares of Red Cat during the 3rd quarter valued at $233,000. Finally, State Street Corp raised its holdings in shares of Red Cat by 44.9% during the third quarter. State Street Corp now owns 221,958 shares of the company’s stock worth $564,000 after acquiring an additional 68,800 shares in the last quarter. Institutional investors own 37.97% of the company’s stock.

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.