Red Cat (NASDAQ:RCAT) Trading Down 4.5% - Here's What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) shares dropped 4.5% during trading on Monday . The company traded as low as $5.83 and last traded at $5.88. Approximately 2,812,042 shares traded hands during trading, a decline of 33% from the average daily volume of 4,220,430 shares. The stock had previously closed at $6.16.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RCAT shares. Northland Capmk raised Red Cat to a "strong-buy" rating in a research note on Monday, March 10th. Northland Securities started coverage on shares of Red Cat in a research report on Tuesday, March 11th. They set an "outperform" rating and a $13.00 price objective on the stock.

Red Cat Stock Performance

The firm has a market capitalization of $439.37 million, a P/E ratio of -9.50 and a beta of 1.34. The company has a 50-day simple moving average of $6.38 and a two-hundred day simple moving average of $7.12. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.60 and a current ratio of 1.43.

Institutional Investors Weigh In On Red Cat

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RCAT. Waddell & Associates LLC purchased a new position in Red Cat during the fourth quarter valued at $159,643,000. Vanguard Group Inc. boosted its stake in Red Cat by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 2,505,613 shares of the company's stock worth $32,197,000 after acquiring an additional 207,727 shares in the last quarter. Apis Capital Advisors LLC grew its holdings in Red Cat by 61.7% in the fourth quarter. Apis Capital Advisors LLC now owns 650,000 shares of the company's stock worth $8,352,000 after purchasing an additional 248,000 shares during the period. Geode Capital Management LLC increased its stake in shares of Red Cat by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 602,596 shares of the company's stock valued at $7,747,000 after purchasing an additional 10,594 shares in the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new position in shares of Red Cat during the fourth quarter valued at approximately $6,628,000. 37.97% of the stock is 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.