Red Cat (NASDAQ:RCAT) Trading Down 4.3% - Here's What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) fell 4.3% on Monday . The company traded as low as $9.24 and last traded at $9.60. 3,559,813 shares were traded during trading, a decline of 66% from the average session volume of 10,333,799 shares. The stock had previously closed at $10.03.

Red Cat Stock Performance

The business has a 50-day moving average of $8.95 and a 200-day moving average of $4.83. The stock has a market capitalization of $874.56 million, a price-to-earnings ratio of -23.72 and a beta of 1.32.

Red Cat (NASDAQ:RCAT - Get Free Report) last released its quarterly 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 in the previous year, the company earned ($0.11) earnings per share. Equities analysts predict that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Joseph David Freedman sold 15,000 shares of the stock in a transaction dated 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 owns 585,190 shares of the company's stock, valued at approximately $8,333,105.60. This represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $4,416,436.57. Following the completion of the transaction, the insider now owns 304,406 shares of the company's stock, valued at $4,343,873.62. This trade represents a 50.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,930,441 shares of company stock worth $21,099,751 over the last ninety days. Corporate insiders own 21.50% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Centiva Capital LP purchased a new position in shares of Red Cat in the 3rd quarter valued at about $207,000. Wolverine Trading LLC acquired a new position in Red Cat during the 3rd quarter worth approximately $233,000. Corsair Capital Management L.P. purchased a new stake in shares of Red Cat in the 3rd quarter valued at approximately $308,000. Pekin Hardy Strauss Inc. acquired a new stake in shares of Red Cat in the 3rd quarter valued at $138,000. Finally, State Street Corp lifted its position 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 purchasing an additional 68,800 shares during the last quarter. 37.97% of the stock is currently owned by hedge funds and other 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.