Red Cat Holdings, Inc. (NASDAQ:RCAT) Sees Large Growth in Short Interest

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) was the target of a significant increase in short interest during the month of August. As of August 15th, there was short interest totalling 3,230,000 shares, an increase of 22.3% from the July 31st total of 2,640,000 shares. Approximately 6.4% of the company's shares are short sold. Based on an average daily trading volume, of 987,600 shares, the short-interest ratio is currently 3.3 days.

Red Cat Stock Down 1.3 %

Shares of NASDAQ:RCAT traded down $0.04 during trading on Friday, reaching $3.11. The stock had a trading volume of 673,670 shares, compared to its average volume of 1,242,325. Red Cat has a fifty-two week low of $0.52 and a fifty-two week high of $3.27. The business has a fifty day moving average price of $2.07 and a 200-day moving average price of $1.35. The stock has a market cap of $231.02 million, a P/E ratio of -5.98 and a beta of -0.09.

Red Cat (NASDAQ:RCAT - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) EPS for the quarter. Red Cat had a negative return on equity of 45.56% and a negative net margin of 134.84%. The company had revenue of $6.31 million for the quarter. As a group, equities analysts forecast that Red Cat will post -0.22 EPS for the current year.

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

Several institutional investors and hedge funds have recently bought and sold shares of the stock. AIGH Capital Management LLC acquired a new position in Red Cat during the fourth quarter worth approximately $4,423,000. Worth Venture Partners LLC acquired a new position in Red Cat during the fourth quarter worth approximately $1,101,000. PVG Asset Management Corp acquired a new position in Red Cat during the fourth quarter worth approximately $230,000. Renaissance Technologies LLC acquired a new position in Red Cat during the second quarter worth approximately $267,000. Finally, XTX Topco Ltd grew its stake in Red Cat by 390.9% during the second quarter. XTX Topco Ltd now owns 58,895 shares of the company's stock worth $68,000 after buying an additional 46,897 shares during the period. Institutional investors and hedge funds own 37.97% of the company's stock.

Red Cat Company Profile

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.