Red Cat (NASDAQ:RCAT) Stock Price Up 12.5% – Here’s Why

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) were up 12.5% on Monday . The stock traded as high as $10.15 and last traded at $10.09. Approximately 11,227,484 shares traded hands during mid-day trading, an increase of 801% from the average daily volume of 1,246,479 shares. The stock had previously closed at $8.97.

Red Cat Trading Up 10.9 %

The firm has a fifty day moving average of $3.75 and a 200 day moving average of $2.51. The company has a market capitalization of $699.51 million, a P/E ratio of -19.89 and a beta of -0.07.

Red Cat (NASDAQ:RCAT) last posted its earnings results on Monday, September 23rd. The company reported ($0.17) EPS for the quarter. The company had revenue of $2.78 million during the quarter. Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. Sell-side analysts anticipate that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Trading of Red Cat

A number of hedge funds have recently bought and sold shares of RCAT. Renaissance Technologies LLC bought a new stake in shares of Red Cat during the 2nd quarter valued at about $267,000. State Street Corp boosted its holdings 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 worth $564,000 after buying an additional 68,800 shares during the last quarter. Corsair Capital Management L.P. purchased a new position in shares of Red Cat in the third quarter worth approximately $308,000. Wolverine Trading LLC bought a new stake in Red Cat during the third quarter valued at approximately $233,000. Finally, Centiva Capital LP purchased a new stake in Red Cat during the third quarter valued at approximately $207,000. Hedge funds and other 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.