Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Update

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 2,850,000 shares, an increase of 32.6% from the June 15th total of 2,150,000 shares. Based on an average daily volume of 826,200 shares, the short-interest ratio is presently 3.4 days. Currently, 5.7% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Separately, LADENBURG THALM/SH SH started coverage on shares of Red Cat in a research report on Friday, June 14th. They issued a “buy” rating and a $4.00 price objective for the company.

Hedge Funds Weigh In On Red Cat

A number of institutional investors have recently added to or reduced their stakes in RCAT. PVG Asset Management Corp purchased a new stake in shares of Red Cat in the fourth quarter valued at about $230,000. AIGH Capital Management LLC acquired a new position in Red Cat in the fourth quarter valued at about $4,423,000. Worth Venture Partners LLC purchased a new position in shares of Red Cat during the fourth quarter worth $1,101,000. Finally, Gladstone Institutional Advisory LLC purchased a new stake in shares of Red Cat in the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Red Cat Price Performance

Red Cat stock traded down $0.03 during midday trading on Monday, reaching $1.72. The company had a trading volume of 4,674,341 shares, compared to its average volume of 571,634. The company has a market capitalization of $127.87 million, a P/E ratio of -3.79 and a beta of -0.11. The firm’s fifty day simple moving average is $1.10 and its 200-day simple moving average is $0.94. Red Cat has a 12-month low of $0.53 and a 12-month high of $2.20.

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.