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

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

Red Cat Stock Down 15.2 %

The company has a market capitalization of $804.01 million, a PE ratio of -21.80 and a beta of 1.32. The company has a 50-day moving average price of $8.71 and a two-hundred day moving average price of $4.67.

Red Cat (NASDAQ:RCAT) last announced its quarterly 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 previous year, the firm earned ($0.11) earnings per share. As a group, equities analysts anticipate that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Nicholas Reyland Liuzza, Jr. sold 328,928 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $8.29, for a total value of $2,726,813.12. Following the completion of the sale, the director now owns 681,072 shares of the company’s stock, valued at approximately $5,646,086.88. The trade was a 32.57 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Geoffrey Wayne Hitchcock sold 113,823 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $10.44, for a total value of $1,188,312.12. Following the transaction, the executive now owns 558,325 shares in the company, valued at approximately $5,828,913. This represents a 16.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,930,441 shares of company stock valued at $21,099,751 over the last 90 days. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new stake in shares of Red Cat in the 2nd quarter worth approximately $267,000. State Street Corp grew its stake in shares of Red Cat by 44.9% in the 3rd 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 stake in shares of Red Cat in the 3rd quarter worth approximately $308,000. Wolverine Trading LLC purchased a new stake in shares of Red Cat in the 3rd quarter worth approximately $233,000. Finally, Centiva Capital LP purchased a new stake in shares of Red Cat in the 3rd quarter worth approximately $207,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

About Red Cat

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.