Insider Selling: Red Cat Holdings, Inc. (NASDAQ:RCAT) CEO Sells $4,451,528.34 in Stock

Red Cat Holdings, Inc. (NASDAQ:RCAT) 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 sale, the chief executive officer now directly owns 13,121,898 shares in the company, valued at approximately $148,802,323.32. The trade was a 2.90 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Red Cat Stock Down 8.6 %

Shares of RCAT stock opened at $12.26 on Friday. Red Cat Holdings, Inc. has a twelve month low of $0.56 and a twelve month high of $14.91. The stock’s fifty day simple moving average is $6.79 and its 200 day simple moving average is $3.88. The firm has a market capitalization of $982.77 million, a P/E ratio of -26.65 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings results on Monday, December 16th. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.27). Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. During the same period in the prior year, the firm earned ($0.11) EPS. As a group, equities research analysts expect that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Cat

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCAT. Renaissance Technologies LLC acquired a new position in shares of Red Cat during the second quarter worth $267,000. Corsair Capital Management L.P. bought a new position in Red Cat during the 3rd quarter worth $308,000. Wolverine Trading LLC acquired a new position in Red Cat during the 3rd quarter worth about $233,000. Centiva Capital LP bought a new stake in shares of Red Cat in the 3rd quarter valued at about $207,000. Finally, State Street Corp increased its stake in shares of 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 buying an additional 68,800 shares during the period. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.