Red Cat (NASDAQ:RCAT) Shares Down 7.1% on Insider Selling

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) were down 7.1% during trading on Friday following insider selling activity. The stock traded as low as $12.00 and last traded at $12.46. Approximately 9,302,877 shares traded hands during mid-day trading, an increase of 317% from the average daily volume of 2,232,723 shares. The stock had previously closed at $13.41.

Specifically, insider George Michael Matus sold 309,491 shares of the company's stock in a transaction 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider George Michael Matus sold 72,093 shares of the business's stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $12.10, for a total value of $872,325.30. Following the transaction, the insider now owns 613,897 shares of the company's stock, valued at approximately $7,428,153.70. The trade was a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Red Cat news, CRO Geoffrey Wayne Hitchcock sold 113,823 shares of the firm's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $10.44, for a total value of $1,188,312.12. Following the sale, the executive now owns 558,325 shares of the company's stock, valued at $5,828,913. This trade represents a 16.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Red Cat Stock Down 8.6 %

The company has a market capitalization of $982.77 million, a P/E ratio of -26.65 and a beta of 1.33. The company's 50-day moving average is $6.79 and its two-hundred day moving average is $3.86.

Red Cat (NASDAQ:RCAT - Get Free Report) last posted 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 quarter in the previous year, the firm posted ($0.11) EPS. On average, sell-side analysts predict that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Institutional Investors Weigh In On Red Cat

Hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC purchased a new position in shares of Red Cat during the 3rd quarter valued at about $25,000. Sheets Smith Wealth Management purchased a new position in shares of Red Cat during the third 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. XTX Topco Ltd boosted its stake in shares of Red Cat by 390.9% in the 2nd quarter. XTX Topco Ltd now owns 58,895 shares of the company's stock valued at $68,000 after purchasing an additional 46,897 shares in the last quarter. Finally, Pekin Hardy Strauss Inc. bought a new position in shares of Red Cat during the 3rd quarter valued at $138,000. Institutional investors 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.