Red Cat (NASDAQ:RCAT) Shares Down 7.1% After Insider Selling

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price fell 7.1% on Friday after an insider sold shares in the company. The company traded as low as $12.00 and last traded at $12.46. 9,302,877 shares changed hands during mid-day trading, an increase of 317% from the average session volume of 2,232,723 shares. The stock had previously closed at $13.41.

Specifically, CRO Geoffrey Wayne Hitchcock sold 113,823 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $10.44, for a total transaction of $1,188,312.12. Following the completion of the sale, the executive now owns 558,325 shares in the company, valued at approximately $5,828,913. This represents a 16.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey M. Thompson sold 28,756 shares of the firm’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $13.97, for a total value of $401,721.32. Following the completion of the transaction, the chief executive officer now directly owns 13,014,449 shares in the company, valued at $181,811,852.53. The trade was a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, CEO Jeffrey M. Thompson sold 392,551 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $11.34, for a total transaction of $4,451,528.34. Following the completion of the sale, the chief executive officer now owns 13,121,898 shares of the company’s stock, valued at $148,802,323.32. This represents a 2.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Red Cat Stock Down 9.0 %

The business’s fifty day moving average is $6.60 and its 200-day moving average is $3.78. The company has a market cap of $977.96 million, a PE ratio of -26.52 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last issued 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 return on equity of 66.19% and a negative net margin of 162.50%. During the same quarter in the previous year, the firm posted ($0.11) EPS. Analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Trading of Red Cat

Several hedge funds have recently bought and sold shares of RCAT. Renaissance Technologies LLC purchased a new position in shares of Red Cat during the 2nd quarter valued at about $267,000. XTX Topco Ltd lifted its holdings in Red Cat by 390.9% during the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock valued at $68,000 after purchasing an additional 46,897 shares in the last quarter. PVG Asset Management Corp bought a new position in shares of Red Cat in the second quarter worth approximately $63,000. Sheets Smith Wealth Management purchased a new stake in shares of Red Cat in the third quarter worth $51,000. Finally, United Capital Management of KS Inc. bought a new stake in shares of Red Cat during the 3rd quarter valued at $108,000. 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.