Red Cat (NASDAQ:RCAT) Stock Price Down 4.5% – Here’s Why

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

Wall Street Analyst Weigh In

Several brokerages have commented on RCAT. Northland Securities assumed coverage on shares of Red Cat in a report on Tuesday, March 11th. They issued an “outperform” rating and a $13.00 price objective for the company. Northland Capmk raised Red Cat to a “strong-buy” rating in a research note on Monday, March 10th.

Red Cat Trading Down 3.2 %

The stock’s fifty day simple moving average is $6.87 and its two-hundred day simple moving average is $7.09. The firm has a market cap of $510.46 million, a PE ratio of -11.04 and a beta of 1.34. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30.

Institutional Trading of Red Cat

Several hedge funds and other institutional investors have recently made changes to their positions in RCAT. Twin Tree Management LP purchased a new stake in shares of Red Cat in the fourth quarter worth $28,000. Bank of America Corp DE boosted its stake in Red Cat by 407.0% in the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after purchasing an additional 2,727 shares in the last quarter. Mark Sheptoff Financial Planning LLC purchased a new stake in Red Cat during the 4th quarter valued at about $48,000. SBI Securities Co. Ltd. bought a new stake in Red Cat during the 4th quarter valued at about $60,000. Finally, Jones Financial Companies Lllp raised its holdings in Red Cat by 1,536.6% in the fourth quarter. Jones Financial Companies Lllp now owns 8,887 shares of the company’s stock worth $114,000 after buying an additional 8,344 shares during the last quarter. 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.