Red Cat (NASDAQ:RCAT) Reaches New 52-Week High – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) hit a new 52-week high on Monday . The company traded as high as $13.89 and last traded at $11.92, with a volume of 9469258 shares traded. The stock had previously closed at $10.75.

Red Cat Trading Up 3.4 %

The firm’s fifty day moving average price is $5.91 and its 200-day moving average price is $3.49. The company has a market cap of $891.39 million, a price-to-earnings ratio of -24.17 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last posted its 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 firm earned ($0.11) earnings per share. As a group, research analysts anticipate that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Insider Buying and Selling

In other Red Cat news, insider George Michael Matus sold 112,686 shares of Red Cat stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $9.20, for a total value of $1,036,711.20. Following the sale, the insider now owns 973,103 shares of the company’s stock, valued at $8,952,547.60. This trade represents a 10.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph David Freedman sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $10.00, for a total value of $500,000.00. Following the completion of the sale, the director now owns 635,190 shares in the company, valued at $6,351,900. The trade was a 7.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 491,614 shares of company stock valued at $4,263,524. 21.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Red Cat

Hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new position in Red Cat during the second quarter valued at approximately $267,000. State Street Corp raised 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 in the last quarter. Corsair Capital Management L.P. acquired a new stake in shares of Red Cat in the 3rd quarter valued at approximately $308,000. Wolverine Trading LLC bought a new position in shares of Red Cat in the third quarter valued at $233,000. Finally, Centiva Capital LP acquired a new position in Red Cat during the third quarter worth $207,000. Institutional investors own 37.97% of the company’s stock.

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.