Red Cat (NASDAQ:RCAT) Trading Up 4.9% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price traded up 4.9% on Friday . The stock traded as high as $7.57 and last traded at $7.54. 324,896 shares traded hands during trading, a decline of 79% from the average session volume of 1,568,966 shares. The stock had previously closed at $7.19.

Red Cat Price Performance

The firm has a market capitalization of $609.72 million, a price-to-earnings ratio of -17.02 and a beta of 1.33. The business has a fifty day moving average price of $5.18 and a two-hundred day moving average price of $3.13.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings results on Monday, September 23rd. The company reported ($0.17) earnings per share for the quarter. Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. The business had revenue of $2.78 million during the quarter. On average, research analysts predict that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current year.

Hedge Funds Weigh In On Red Cat

A number of institutional investors have recently modified their holdings of RCAT. Corsair Capital Management L.P. acquired a new position in shares of Red Cat in the 3rd quarter valued at $308,000. Pekin Hardy Strauss Inc. acquired a new position in shares of Red Cat in the third quarter worth about $138,000. Centiva Capital LP purchased a new stake in shares of Red Cat during the 3rd quarter worth about $207,000. Renaissance Technologies LLC acquired a new stake in shares of Red Cat during the 2nd quarter valued at about $267,000. Finally, Sheets Smith Wealth Management purchased a new position in shares of Red Cat in the 3rd quarter valued at about $51,000. 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.