Red Cat (NASDAQ:RCAT) Shares Gap Up - Here's What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $6.78, but opened at $8.10. Red Cat shares last traded at $8.21, with a volume of 9,593,214 shares trading hands.

Red Cat Stock Up 23.2%

The company has a market capitalization of $768.22 million, a PE ratio of -15.47 and a beta of 1.43. The company has a 50-day moving average price of $6.96 and a two-hundred day moving average price of $7.54.

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

Insider Transactions at Red Cat

In other news, Director Joseph David Freedman sold 150,000 shares of the company's stock in a transaction dated 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 transaction, the director directly owned 165,260 shares in the company, valued at approximately $1,217,966.20. This represents a 47.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nicholas Reyland Liuzza, Jr. sold 100,309 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $6.70, for a total value of $672,070.30. Following the completion of the sale, the director directly owned 387,445 shares of the company's stock, valued at approximately $2,595,881.50. This trade represents a 20.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 350,309 shares of company stock valued at $2,635,570 over the last quarter. Company insiders own 15.30% of the company's stock.

Institutional Investors Weigh In On Red Cat

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can purchased a new position in Red Cat during the 4th quarter valued at about $166,000. Charles Schwab Investment Management Inc. increased its holdings in Red Cat by 63.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 30,059 shares of the company's stock valued at $386,000 after purchasing an additional 11,661 shares during the period. Jones Financial Companies Lllp increased its holdings in 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 period. LPL Financial LLC increased its holdings in Red Cat by 497.2% during the 4th quarter. LPL Financial LLC now owns 74,008 shares of the company's stock valued at $951,000 after purchasing an additional 61,615 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in Red Cat during the 4th quarter valued at about $1,368,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.