Red Cat (NASDAQ:RCAT) Shares Gap Down on Disappointing Earnings

Red Cat Holdings, Inc. (NASDAQ:RCATGet Free Report) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $6.65, but opened at $5.98. Red Cat shares last traded at $6.43, with a volume of 4,141,100 shares.

The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.17). Red Cat had a negative net margin of 232.62% and a negative return on equity of 96.00%.

Analyst Ratings Changes

Several equities research analysts recently commented on RCAT shares. Northland Securities started coverage on Red Cat in a report on Tuesday, March 11th. They issued an “outperform” rating and a $13.00 price objective for the company. Northland Capmk upgraded Red Cat to a “strong-buy” rating in a report on Monday, March 10th.

View Our Latest Analysis on RCAT

Institutional Investors Weigh In On Red Cat

A number of large investors have recently made changes to their positions in RCAT. Twin Tree Management LP bought a new stake in shares of Red Cat during the 4th quarter valued at about $28,000. Bank of America Corp DE grew its stake in shares of Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after purchasing an additional 2,727 shares during the period. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Red Cat during the 4th quarter valued at about $48,000. SBI Securities Co. Ltd. grew its stake in shares of Red Cat by 104.4% during the 1st quarter. SBI Securities Co. Ltd. now owns 9,467 shares of the company’s stock valued at $56,000 after purchasing an additional 4,835 shares during the period. Finally, Summit Trail Advisors LLC bought a new stake in shares of Red Cat during the 1st quarter valued at about $59,000. 37.97% of the stock is currently owned by institutional investors.

Red Cat Trading Up 6.0%

The stock has a 50 day moving average of $5.81 and a 200-day moving average of $7.46. The company has a market capitalization of $622.74 million, a P/E ratio of -12.74 and a beta of 1.37. The company has a current ratio of 1.43, a quick ratio of 0.60 and a debt-to-equity ratio of 0.30.

Red Cat Company Profile

(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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