Red Cat (NASDAQ:RCAT) Stock Price Down 7.2% on Insider Selling

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report)'s share price traded down 7.2% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $12.80 and last traded at $13.07. 4,423,657 shares changed hands during trading, an increase of 90% from the average session volume of 2,329,195 shares. The stock had previously closed at $14.09.

Specifically, Director Joseph David Freedman sold 15,000 shares of the firm's stock in a transaction on Monday, December 30th. The shares were sold at an average price of $14.24, for a total transaction of $213,600.00. Following the sale, the director now directly owns 585,190 shares in the company, valued at $8,333,105.60. This trade represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider George Michael Matus sold 309,491 shares of Red Cat stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $14.27, for a total value of $4,416,436.57. Following the completion of the sale, the insider now directly owns 304,406 shares in the company, valued at approximately $4,343,873.62. This represents a 50.41 % decrease in their position. The disclosure for this sale can be found here. In other Red Cat news, insider George Michael Matus sold 72,093 shares of the company's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $12.10, for a total transaction of $872,325.30. Following the completion of the transaction, the insider now owns 613,897 shares of the company's stock, valued at $7,428,153.70. This represents a 10.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Red Cat Price Performance

The firm has a market cap of $1.03 billion, a P/E ratio of -27.93 and a beta of 1.33. The stock's 50-day moving average price is $7.01 and its 200 day moving average price is $4.00.

Red Cat (NASDAQ:RCAT - Get Free Report) last announced its quarterly earnings data 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 net margin of 162.50% and a negative return on equity of 66.19%. During the same period in the prior year, the firm posted ($0.11) earnings per share. As a group, analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Red Cat

Large investors have recently made changes to their positions in the stock. 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. acquired a new stake in Red Cat during the 3rd quarter valued at $308,000. Wolverine Trading LLC bought a new position in Red Cat during the third quarter worth $233,000. Centiva Capital LP bought a new position in shares of Red Cat in the third 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. 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.