Red Cat (NASDAQ:RCAT) Shares Gap Down – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $7.45, but opened at $6.62. Red Cat shares last traded at $6.12, with a volume of 3,765,069 shares.

Analyst Ratings Changes

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

Red Cat Trading Down 27.6 %

The company’s 50-day moving average is $7.00 and its 200 day moving average is $7.01. The company has a current ratio of 1.43, a quick ratio of 0.60 and a debt-to-equity ratio of 0.30. The firm has a market cap of $462.24 million, a PE ratio of -10.21 and a beta of 1.34.

Institutional Trading of Red Cat

Hedge funds and other institutional investors have recently modified their holdings of the business. Silver Oak Securities Incorporated lifted its stake in Red Cat by 502.3% in the 4th quarter. Silver Oak Securities Incorporated now owns 60,755 shares of the company’s stock worth $856,000 after acquiring an additional 50,668 shares in the last quarter. N.E.W. Advisory Services LLC purchased a new stake in shares of Red Cat in the fourth quarter worth approximately $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 Red Cat during the third quarter valued at approximately $233,000. Finally, Charles Schwab Investment Management Inc. grew its position in Red Cat by 63.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 30,059 shares of the company’s stock valued at $386,000 after purchasing an additional 11,661 shares in the last quarter. Institutional investors and hedge funds 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.