Red Cat (NASDAQ:RCAT) Stock Price Down 9.4% - Here's What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report)'s share price traded down 9.4% on Thursday . The company traded as low as $11.35 and last traded at $11.83. 9,811,347 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 11,806,563 shares. The stock had previously closed at $13.06.

Red Cat Trading Down 9.4 %

The stock has a market capitalization of $948.30 million, a PE ratio of -25.72 and a beta of 1.32. The firm's 50-day moving average price is $8.57 and its 200-day moving average price is $4.61.

Red Cat (NASDAQ:RCAT - Get Free Report) last released its earnings results 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 period in the prior year, the company posted ($0.11) EPS. On average, equities research analysts predict that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Insider Transactions at Red Cat

In related news, CRO Geoffrey Wayne Hitchcock sold 113,823 shares of Red Cat stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $10.44, for a total transaction of $1,188,312.12. Following the completion of the sale, the executive now owns 558,325 shares in the company, valued at $5,828,913. This trade represents a 16.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph David Freedman sold 15,000 shares of the company's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $14.24, for a total transaction of $213,600.00. Following the completion of the transaction, the director now owns 585,190 shares in the company, valued at $8,333,105.60. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,930,441 shares of company stock worth $21,099,751. 21.50% of the stock is currently owned by insiders.

Institutional Trading of Red Cat

Several institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in shares of Red Cat in the 2nd quarter worth approximately $267,000. State Street Corp lifted its position in shares of Red Cat by 44.9% during 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 during the last quarter. Corsair Capital Management L.P. bought a new stake in shares of Red Cat in the 3rd quarter valued at about $308,000. Wolverine Trading LLC purchased a new position in shares of Red Cat in the 3rd quarter worth approximately $233,000. Finally, Centiva Capital LP bought a new position in shares of Red Cat during the 3rd quarter worth approximately $207,000. 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.