Red Cat (NASDAQ:RCAT) Hits New 1-Year High - Here's Why

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report)'s share price reached a new 52-week high on Friday . The company traded as high as $11.11 and last traded at $10.95, with a volume of 2902565 shares trading hands. The stock had previously closed at $9.27.

Red Cat Trading Up 27.0 %

The firm's 50 day simple moving average is $4.18 and its 200-day simple moving average is $2.67. The stock has a market capitalization of $888.16 million, a price-to-earnings ratio of -25.59 and a beta of -0.07.

Red Cat (NASDAQ:RCAT - Get Free Report) last issued its quarterly earnings results on Monday, September 23rd. The company reported ($0.17) earnings per share (EPS) for the quarter. Red Cat had a negative net margin of 162.50% and a negative return on equity of 66.19%. The business had revenue of $2.78 million during the quarter. As a group, equities research analysts predict that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current year.

Institutional Investors Weigh In On Red Cat

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RCAT. Renaissance Technologies LLC bought a new position in shares of Red Cat in the 2nd quarter valued at about $267,000. Corsair Capital Management L.P. bought a new position in shares of Red Cat in the 3rd quarter valued at about $308,000. Wolverine Trading LLC bought a new position in shares of Red Cat in the 3rd quarter valued at about $233,000. Centiva Capital LP bought a new position in shares of Red Cat in the 3rd quarter valued at about $207,000. Finally, State Street Corp boosted its holdings 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 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.