Red Cat (NASDAQ:RCAT) Trading Down 11.6% - Here's What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) shares were down 11.6% on Tuesday . The company traded as low as $6.35 and last traded at $6.03. Approximately 3,226,816 shares changed hands during trading, a decline of 30% from the average daily volume of 4,611,190 shares. The stock had previously closed at $6.82.

Wall Street Analysts Forecast Growth

Several analysts have commented on RCAT shares. Northland Capmk raised shares of Red Cat to a "strong-buy" rating in a research report on Monday, March 10th. Northland Securities assumed coverage on shares of Red Cat in a research note on Tuesday, March 11th. They set an "outperform" rating and a $13.00 price objective for the company.

Red Cat Trading Down 1.7%

The firm has a market capitalization of $535.49 million, a P/E ratio of -10.91 and a beta of 1.37. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30. The firm's 50-day simple moving average is $6.01 and its 200-day simple moving average is $7.67.

Red Cat (NASDAQ:RCAT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.17). Red Cat had a negative net margin of 232.62% and a negative return on equity of 96.00%. Analysts anticipate that Red Cat Holdings, Inc. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Red Cat

Several hedge funds and other institutional investors have recently bought and sold shares of RCAT. Bank of Montreal Can bought a new position in shares of Red Cat in the 4th quarter worth approximately $166,000. Silver Oak Securities Incorporated lifted its stake in shares of Red Cat by 502.3% in the 4th quarter. Silver Oak Securities Incorporated now owns 60,755 shares of the company's stock worth $856,000 after purchasing an additional 50,668 shares during the period. N.E.W. Advisory Services LLC purchased a new stake in Red Cat in the 4th quarter worth approximately $423,000. Charles Schwab Investment Management Inc. increased its holdings in Red Cat by 63.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 30,059 shares of the company's stock worth $386,000 after acquiring an additional 11,661 shares in the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in Red Cat by 1,536.6% in the 4th quarter. Jones Financial Companies Lllp now owns 8,887 shares of the company's stock worth $114,000 after acquiring an additional 8,344 shares in the last quarter. Institutional investors own 37.97% of the company's stock.

Red Cat Company Profile

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.