Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Up 22.3% in March

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 9,830,000 shares, an increase of 22.3% from the March 15th total of 8,040,000 shares. Based on an average trading volume of 6,780,000 shares, the short-interest ratio is presently 1.4 days. Approximately 14.6% of the shares of the stock are short sold.

Hedge Funds Weigh In On Red Cat

A number of large investors have recently bought and sold shares of RCAT. Sanctuary Advisors LLC bought a new position in shares of Red Cat during the third quarter valued at approximately $25,000. Twin Tree Management LP acquired a new stake in Red Cat in the fourth quarter worth $28,000. Bank of America Corp DE lifted its stake in Red Cat by 407.0% in the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company's stock valued at $44,000 after buying an additional 2,727 shares during the last quarter. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Red Cat during the fourth quarter valued at $48,000. Finally, SBI Securities Co. Ltd. bought a new position in Red Cat in the 4th quarter worth approximately $60,000. Institutional investors own 37.97% of the company's stock.

Red Cat Stock Performance

Shares of RCAT traded up $0.27 during mid-day trading on Wednesday, hitting $5.05. The stock had a trading volume of 3,212,208 shares, compared to its average volume of 4,281,153. Red Cat has a fifty-two week low of $0.80 and a fifty-two week high of $15.27. The company's fifty day simple moving average is $6.11 and its two-hundred day simple moving average is $7.15. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30. The company has a market cap of $432.77 million, a PE ratio of -9.34 and a beta of 1.34.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Northland Securities initiated coverage on Red Cat in a report on Tuesday, March 11th. They issued an "outperform" rating and a $13.00 price target for the company. Northland Capmk raised Red Cat to a "strong-buy" rating in a research report on Monday, March 10th.

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.