Red Cat (NASDAQ:RCAT) Shares Down 0.9% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price was down 0.9% on Tuesday . The company traded as low as $8.11 and last traded at $8.48. Approximately 4,712,186 shares traded hands during trading, a decline of 55% from the average daily volume of 10,513,427 shares. The stock had previously closed at $8.56.

Red Cat Stock Performance

The firm has a market capitalization of $676.47 million, a price-to-earnings ratio of -15.73 and a beta of 1.32. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $9.43 and a 200-day moving average price of $5.07.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Monday, December 16th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.27). Red Cat had a negative return on equity of 96.00% and a negative net margin of 232.62%. During the same period last year, the company posted ($0.11) EPS. As a group, equities research analysts forecast that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current year.

Insider Activity

In related news, Director Nicholas Reyland Liuzza, Jr. sold 328,928 shares of the stock in a transaction dated 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 completion of the transaction, the director now directly owns 681,072 shares in the company, valued at approximately $5,646,086.88. This trade represents a 32.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey M. Thompson sold 392,551 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $11.34, for a total transaction of $4,451,528.34. Following the completion of the sale, the chief executive officer now directly owns 13,121,898 shares in the company, valued at approximately $148,802,323.32. This represents a 2.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,930,441 shares of company stock worth $21,099,751. Company insiders own 21.50% of the company’s stock.

Institutional Trading of Red Cat

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCAT. Renaissance Technologies LLC bought a new stake in shares of Red Cat during the second quarter worth approximately $267,000. State Street Corp grew its position in Red Cat by 44.9% in the third quarter. State Street Corp now owns 221,958 shares of the company’s stock valued at $564,000 after acquiring an additional 68,800 shares during the last quarter. Corsair Capital Management L.P. bought a new position in Red Cat in the 3rd quarter valued at approximately $308,000. Wolverine Trading LLC bought a new stake in Red Cat during the 3rd quarter worth $233,000. Finally, Centiva Capital LP acquired a new position in shares of Red Cat in the third quarter valued at approximately $207,000. 37.97% of the stock is owned by institutional investors.

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.