Red Cat (NASDAQ:RCAT) Sees Large Volume Increase – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares saw an uptick in trading volume on Tuesday . 4,470,246 shares changed hands during trading, an increase of 112% from the previous session’s volume of 2,107,741 shares.The stock last traded at $11.61 and had previously closed at $11.03.

Red Cat Price Performance

The stock has a market capitalization of $945.10 million, a price-to-earnings ratio of -25.63 and a beta of 1.33. The business’s fifty day moving average price is $6.05 and its 200-day moving average price is $3.58.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings results on Monday, December 16th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 last year, the company posted ($0.11) EPS. Equities research analysts predict that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Red Cat news, insider George Michael Matus sold 112,686 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 973,103 shares in the company, valued at approximately $8,952,547.60. This trade represents a 10.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Nicholas Reyland Liuzza, Jr. sold 328,928 shares of Red Cat 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 transaction, the director now directly owns 681,072 shares in the company, valued at approximately $5,646,086.88. This represents a 32.57 % decrease in their position. 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 corporate insiders.

Institutional Investors Weigh In On Red Cat

Large investors have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new position in shares of Red Cat in the 2nd quarter worth about $267,000. Corsair Capital Management L.P. bought a new stake in Red Cat in the third quarter worth about $308,000. Wolverine Trading LLC purchased a new position in Red Cat in the third quarter valued at about $233,000. Centiva Capital LP bought a new position in shares of Red Cat during the 3rd quarter valued at approximately $207,000. Finally, State Street Corp increased its stake in shares of Red Cat by 44.9% during the 3rd quarter. State Street Corp now owns 221,958 shares of the company’s stock worth $564,000 after purchasing an additional 68,800 shares during the last quarter. 37.97% of the stock is owned by hedge funds and other institutional investors.

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.