Short Interest in Red Cat Holdings, Inc. (NASDAQ:RCAT) Expands By 22.3%

Red Cat Holdings, Inc. (NASDAQ:RCAT) saw a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 9,830,000 shares, an increase of 22.3% from the March 15th total of 8,040,000 shares. Approximately 14.6% of the company’s stock are sold short. Based on an average daily volume of 6,780,000 shares, the days-to-cover ratio is currently 1.4 days.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RCAT shares. Northland Capmk raised shares of Red Cat to a “strong-buy” rating in a research note on Monday, March 10th. Northland Securities initiated coverage on Red Cat in a research report on Tuesday, March 11th. They issued an “outperform” rating and a $13.00 price target for the company.

Institutional Trading of Red Cat

Several large investors have recently modified their holdings of the company. Waddell & Associates LLC acquired a new position in Red Cat during the 4th quarter worth $159,643,000. Rockefeller Capital Management L.P. acquired a new position in shares of Red Cat during the 4th quarter worth about $6,628,000. Captrust Financial Advisors bought a new stake in Red Cat during the 4th quarter valued at approximately $4,262,000. Apis Capital Advisors LLC grew its holdings in Red Cat by 61.7% in the 4th quarter. Apis Capital Advisors LLC now owns 650,000 shares of the company’s stock valued at $8,352,000 after buying an additional 248,000 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Red Cat by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 2,505,613 shares of the company’s stock worth $32,197,000 after buying an additional 207,727 shares during the period. 37.97% of the stock is owned by institutional investors.

Red Cat Stock Performance

RCAT stock traded down $0.47 during midday trading on Monday, hitting $4.66. 3,843,482 shares of the company traded hands, compared to its average volume of 4,263,433. Red Cat has a twelve month low of $0.80 and a twelve month high of $15.27. The stock has a market capitalization of $399.74 million, a price-to-earnings ratio of -8.63 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. The business has a 50 day simple moving average of $6.38 and a 200-day simple moving average of $7.17.

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.