Short Interest in Red Cat Holdings, Inc. (NASDAQ:RCAT) Increases By 37.6%

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totalling 417,100 shares, an increase of 37.6% from the March 15th total of 303,100 shares. Based on an average daily volume of 202,200 shares, the days-to-cover ratio is currently 2.1 days. Currently, 0.8% of the shares of the company are short sold.

Institutional Investors Weigh In On Red Cat

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Red Cat by 7.5% in the first quarter. Vanguard Group Inc. now owns 1,237,895 shares of the company's stock worth $2,500,000 after purchasing an additional 86,777 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new position in Red Cat in the first quarter worth approximately $38,000. State Street Corp boosted its stake in shares of Red Cat by 61.1% during the 1st quarter. State Street Corp now owns 109,058 shares of the company's stock worth $220,000 after acquiring an additional 41,358 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Red Cat during the 1st quarter valued at $52,000. Finally, Virtu Financial LLC purchased a new stake in shares of Red Cat in the 1st quarter worth $120,000. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

Red Cat Price Performance

Shares of Red Cat stock traded down $0.01 during trading on Friday, hitting $0.88. 179,885 shares of the company's stock traded hands, compared to its average volume of 268,689. Red Cat has a 1 year low of $0.53 and a 1 year high of $1.47. The business has a 50-day simple moving average of $0.75 and a 200-day simple moving average of $0.81. The stock has a market capitalization of $65.36 million, a P/E ratio of -1.69 and a beta of 0.56.

Red Cat (NASDAQ:RCAT - Get Free Report) last announced its quarterly earnings results on Monday, March 18th. The company reported ($0.04) earnings per share (EPS) for the quarter. The company had revenue of $5.85 million for the quarter. Red Cat had a negative net margin of 206.42% and a negative return on equity of 52.40%.

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.