Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Update

Red Cat Holdings, Inc. (NASDAQ:RCAT) saw a significant decline in short interest in the month of March. As of March 15th, there was short interest totalling 8,040,000 shares, a decline of 44.6% from the February 28th total of 14,520,000 shares. Currently, 11.9% of the shares of the company are short sold. Based on an average daily trading volume, of 8,480,000 shares, the days-to-cover ratio is presently 0.9 days.

Wall Street Analysts Forecast Growth

RCAT has been the topic of a number of analyst reports. Northland Capmk raised Red Cat to a “strong-buy” rating in a research report on Monday, March 10th. Northland Securities initiated coverage on shares of Red Cat in a report on Tuesday, March 11th. They set an “outperform” rating and a $13.00 price target on the stock.

Insider Activity at Red Cat

In related news, Director Joseph David Freedman sold 15,000 shares of Red Cat stock in a transaction on Monday, December 30th. The stock was sold at an average price of $14.24, for a total transaction of $213,600.00. Following the transaction, the director now directly owns 585,190 shares in the company, valued at approximately $8,333,105.60. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 21.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Twin Tree Management LP purchased a new stake in Red Cat during the 4th quarter valued at approximately $28,000. Bank of America Corp DE grew its stake in Red Cat by 407.0% during the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after acquiring an additional 2,727 shares in the last quarter. Mark Sheptoff Financial Planning LLC bought a new stake in Red Cat in the 4th quarter valued at $48,000. SBI Securities Co. Ltd. purchased a new stake in Red Cat in the 4th quarter worth $60,000. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Red Cat by 1,536.6% during the 4th quarter. Jones Financial Companies Lllp now owns 8,887 shares of the company’s stock valued at $114,000 after purchasing an additional 8,344 shares during the last quarter. 37.97% of the stock is owned by hedge funds and other institutional investors.

Red Cat Price Performance

Shares of Red Cat stock traded down $0.33 during trading hours on Friday, hitting $5.68. The company’s stock had a trading volume of 1,089,674 shares, compared to its average volume of 3,938,352. The company has a market cap of $485.88 million, a PE ratio of -10.51 and a beta of 1.32. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.60 and a current ratio of 1.43. The business has a 50 day moving average price of $7.45 and a two-hundred day moving average price of $6.72. Red Cat has a 12-month low of $0.75 and a 12-month high of $15.27.

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.