Red Cat (NASDAQ:RCAT) Shares Down 6% After Insider Selling

Red Cat Holdings, Inc. (NASDAQ:RCAT) was down 6% on Friday after an insider sold shares in the company. The stock traded as low as $12.00 and last traded at $12.61. Approximately 8,255,955 shares were traded during mid-day trading, an increase of 272% from the average daily volume of 2,220,495 shares. The stock had previously closed at $13.41.

Specifically, CRO Geoffrey Wayne Hitchcock sold 113,823 shares of Red Cat stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $10.44, for a total transaction of $1,188,312.12. Following the completion of the sale, the executive now directly owns 558,325 shares in the company, valued at approximately $5,828,913. This trade represents a 16.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeffrey M. Thompson sold 28,756 shares of Red Cat stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $13.97, for a total value of $401,721.32. Following the transaction, the chief executive officer now directly owns 13,014,449 shares of the company’s stock, valued at approximately $181,811,852.53. This represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO Jeffrey M. Thompson sold 392,551 shares of Red Cat 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 transaction, the chief executive officer now owns 13,121,898 shares of the company’s stock, valued at $148,802,323.32. The trade was a 2.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Red Cat Price Performance

The company has a market cap of $985.18 million, a PE ratio of -26.72 and a beta of 1.33. The firm has a 50-day simple moving average of $6.60 and a two-hundred day simple moving average of $3.78.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Monday, December 16th. The company reported ($0.18) earnings per share 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 quarter last year, the business posted ($0.11) earnings per share. Equities research analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Hedge Funds Weigh In On Red Cat

A number of large investors have recently modified their holdings of RCAT. Sanctuary Advisors LLC purchased a new position in shares of Red Cat in the 3rd quarter valued at $25,000. Sheets Smith Wealth Management acquired a new position in shares of Red Cat during the third quarter worth about $51,000. PVG Asset Management Corp purchased a new stake in shares of Red Cat in the second quarter worth about $63,000. XTX Topco Ltd raised its holdings in shares of Red Cat by 390.9% during the 2nd quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock valued at $68,000 after buying an additional 46,897 shares during the period. Finally, United Capital Management of KS Inc. acquired a new position in Red Cat during the 3rd quarter worth approximately $108,000. 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.