Red Cat (NASDAQ:RCAT) Stock Price Up 15.3% - Here's What Happened

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) traded up 15.3% during mid-day trading on Friday . The company traded as high as $13.88 and last traded at $13.76. 6,111,309 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 6,801,337 shares. The stock had previously closed at $11.93.

Red Cat Price Performance

The firm's fifty day moving average price is $7.80 and its 200-day moving average price is $4.28. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -28.70 and a beta of 1.33.

Red Cat (NASDAQ:RCAT - Get Free Report) last posted its earnings results on Monday, December 16th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 quarter last year, the business earned ($0.11) EPS. As a group, equities analysts forecast that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Joseph David Freedman sold 15,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeffrey M. Thompson sold 392,551 shares of the stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $11.34, for a total value of $4,451,528.34. Following the transaction, the chief executive officer now directly owns 13,121,898 shares of the company's stock, valued at approximately $148,802,323.32. The trade was a 2.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,930,441 shares of company stock valued at $21,099,751 in the last three months. 21.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Red Cat

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in Red Cat during the third quarter worth about $25,000. Sheets Smith Wealth Management acquired a new position in shares of Red Cat in the 3rd quarter worth approximately $51,000. United Capital Management of KS Inc. bought a new stake in shares of Red Cat in the 3rd quarter worth approximately $108,000. Pekin Hardy Strauss Inc. acquired a new stake in Red Cat during the third quarter valued at approximately $138,000. Finally, PVG Asset Management Corp bought a new stake in Red Cat during the second quarter worth approximately $63,000. Institutional investors own 37.97% of the company's stock.

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.