Red Cat (NASDAQ:RCAT) Stock Price Up 17.1% - What's Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report)'s stock price traded up 17.1% on Wednesday . The stock traded as high as $11.14 and last traded at $10.97. 5,516,855 shares changed hands during trading, a decline of 44% from the average session volume of 9,852,533 shares. The stock had previously closed at $9.37.

Red Cat Stock Up 16.4 %

The firm has a market capitalization of $874.56 million, a P/E ratio of -23.72 and a beta of 1.32. The business has a 50-day moving average price of $8.95 and a 200-day moving average price of $4.83.

Red Cat (NASDAQ:RCAT - Get Free Report) last announced its quarterly earnings results on Monday, December 16th. The company reported ($0.18) earnings per share (EPS) 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 quarter in the prior year, the business posted ($0.11) earnings per share. As a group, sell-side analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Insiders Place Their Bets

In other news, insider George Michael Matus sold 309,491 shares of the company's stock in a transaction dated 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 sale, the insider now owns 304,406 shares of the company's stock, valued at approximately $4,343,873.62. This represents a 50.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nicholas Reyland Liuzza, Jr. sold 328,928 shares of Red Cat stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $8.29, for a total transaction of $2,726,813.12. Following the transaction, the director now directly owns 681,072 shares of the company's stock, valued at $5,646,086.88. This represents a 32.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,930,441 shares of company stock worth $21,099,751 over the last quarter. Company insiders own 21.50% of the company's stock.

Institutional Trading of Red Cat

Several large investors have recently added to or reduced their stakes in RCAT. Renaissance Technologies LLC bought a new stake in Red Cat during the 2nd quarter worth approximately $267,000. Corsair Capital Management L.P. bought a new position in Red Cat in the 3rd quarter valued at $308,000. Wolverine Trading LLC acquired a new position in Red Cat in the third quarter worth $233,000. Centiva Capital LP bought a new stake in shares of Red Cat during the third quarter worth $207,000. Finally, State Street Corp increased its stake in shares of Red Cat by 44.9% in the third quarter. State Street Corp now owns 221,958 shares of the company's stock valued at $564,000 after buying an additional 68,800 shares in the last quarter. 37.97% of the stock is owned by institutional investors.

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.