Red Cat Holdings, Inc. (NASDAQ:RCAT) Shares Sold by Waddell & Associates LLC

Key Points

• Waddell & Associates LLC significantly reduced its stake in Red Cat Holdings by 98.7%, leaving it with approximately 165,260 shares valued at $972,000 at the end of the first quarter.
• Several institutional investors, including Charles Schwab and LPL Financial, have increased their holdings in Red Cat during the fourth quarter, indicating potential optimism for the stock.
• Red Cat Holdings reported earnings per share of ($0.27), missing expectations, with analysts forecasting a total of -0.5 earnings per share for the current year.

Waddell & Associates LLC cut its holdings in Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) by 98.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 165,260 shares of the company's stock after selling 12,258,327 shares during the quarter. Waddell & Associates LLC owned 0.18% of Red Cat worth $972,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Rockefeller Capital Management L.P. bought a new position in Red Cat during the fourth quarter worth about $6,628,000. Captrust Financial Advisors bought a new position in Red Cat during the 4th quarter worth approximately $4,262,000. Apis Capital Advisors LLC grew its position in Red Cat by 61.7% during the 4th quarter. Apis Capital Advisors LLC now owns 650,000 shares of the company's stock worth $8,352,000 after acquiring an additional 248,000 shares during the last quarter. Vanguard Group Inc. grew its position in shares of 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 last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Red Cat in the fourth quarter worth $1,801,000. 37.97% of the stock is owned by institutional investors and hedge funds.

Red Cat Trading Down 0.2%

Shares of NASDAQ RCAT traded down $0.01 during midday trading on Wednesday, hitting $8.23. The company's stock had a trading volume of 2,171,568 shares, compared to its average volume of 7,611,771. The business's 50 day moving average is $7.93 and its two-hundred day moving average is $7.27. Red Cat Holdings, Inc. has a 12-month low of $1.66 and a 12-month high of $15.27. The firm has a market cap of $756.72 million, a P/E ratio of -15.27 and a beta of 1.43.

Red Cat (NASDAQ:RCAT - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.17). On average, analysts predict that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Wall Street Zen raised Red Cat from a "sell" rating to a "hold" rating in a report on Saturday.

Insiders Place Their Bets

In other news, Director Nicholas Reyland Liuzza, Jr. sold 100,309 shares of Red Cat stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $6.70, for a total value of $672,070.30. Following the transaction, the director directly owned 387,445 shares in the company, valued at approximately $2,595,881.50. This trade represents a 20.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph David Freedman sold 150,000 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $7.37, for a total value of $1,105,500.00. Following the completion of the sale, the director directly owned 165,260 shares of the company's stock, valued at $1,217,966.20. The trade was a 47.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 350,309 shares of company stock worth $2,635,570 over the last quarter. Company insiders own 15.30% 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.