Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Down 52.9% in March

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the target of a significant decline in short interest in March. As of March 15th, there was short interest totalling 303,100 shares, a decline of 52.9% from the February 29th total of 644,200 shares. Based on an average daily trading volume, of 228,100 shares, the days-to-cover ratio is currently 1.3 days. Approximately 0.6% of the company’s stock are sold short.

Red Cat Price Performance

Shares of RCAT stock traded down $0.02 during trading hours on Thursday, reaching $0.77. 169,757 shares of the stock were exchanged, compared to its average volume of 201,816. Red Cat has a 12-month low of $0.53 and a 12-month high of $1.47. The business’s fifty day moving average is $0.72 and its two-hundred day moving average is $0.82. The firm has a market capitalization of $56.83 million, a P/E ratio of -1.47 and a beta of 0.54.

Red Cat (NASDAQ:RCAT) last posted its earnings results on Monday, March 18th. The company reported ($0.04) EPS for the quarter. Red Cat had a negative net margin of 206.42% and a negative return on equity of 52.40%. The business had revenue of $5.85 million during the quarter.

Hedge Funds Weigh In On Red Cat

Several hedge funds have recently added to or reduced their stakes in RCAT. PVG Asset Management Corp acquired a new position in Red Cat during the fourth quarter worth approximately $230,000. Envestnet Asset Management Inc. purchased a new stake in shares of Red Cat in the fourth quarter valued at about $63,000. AIGH Capital Management LLC acquired a new stake in shares of Red Cat during the fourth quarter worth about $4,423,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Red Cat during the fourth quarter worth about $198,000. Finally, Worth Venture Partners LLC acquired a new position in Red Cat in the 4th quarter valued at about $1,101,000. 37.97% of the stock is currently owned by hedge funds and other 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.