Red Cat (NASDAQ:RCAT) Stock Price Down 2.8% - What's Next?

Key Points

• Red Cat Holdings, Inc. (NASDAQ:RCAT) shares fell by 2.8%, closing at $8.05, after trading as low as $7.79, with a significant drop in trading volume.
• Despite the stock's recent decline, Wall Street Zen upgraded its rating from "sell" to "hold", indicating a positive outlook from analysts.
• Insider transactions included significant sales by directors, with a total of 350,309 shares sold, leading to decreased ownership positions among insiders.

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) shares were down 2.8% on Friday . The stock traded as low as $7.79 and last traded at $8.05. Approximately 1,678,930 shares were traded during trading, a decline of 78% from the average daily volume of 7,563,775 shares. The stock had previously closed at $8.28.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Red Cat from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th.

Red Cat Stock Down 1.0%

The company's fifty day moving average is $8.03 and its 200-day moving average is $7.26. The company has a market cap of $754.24 million, a PE ratio of -15.19 and a beta of 1.44.

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

Insiders Place Their Bets

In other Red Cat news, Director Joseph David Freedman sold 150,000 shares of Red Cat stock in a transaction on Monday, June 30th. The shares were sold at an average price of $7.37, for a total value of $1,105,500.00. Following the sale, the director directly owned 165,260 shares in the company, valued at approximately $1,217,966.20. The trade was a 47.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Nicholas Reyland Liuzza, Jr. sold 100,309 shares of Red Cat stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $6.70, for a total transaction of $672,070.30. Following the completion of the sale, the director owned 387,445 shares in the company, valued at approximately $2,595,881.50. This represents a 20.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 350,309 shares of company stock worth $2,635,570. 15.30% of the stock is owned by corporate insiders.

Institutional Trading of Red Cat

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Waddell & Associates LLC bought a new stake in Red Cat in the 4th quarter valued at $159,643,000. Vanguard Group Inc. increased its holdings in Red Cat by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 2,505,613 shares of the company's stock valued at $32,197,000 after acquiring an additional 207,727 shares during the last quarter. Apis Capital Advisors LLC increased its holdings in Red Cat by 4.9% in the 1st quarter. Apis Capital Advisors LLC now owns 682,000 shares of the company's stock valued at $4,010,000 after acquiring an additional 32,000 shares during the last quarter. Geode Capital Management LLC increased its holdings in Red Cat by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 602,596 shares of the company's stock valued at $7,747,000 after acquiring an additional 10,594 shares during the last quarter. Finally, Rockefeller Capital Management L.P. bought a new stake in shares of Red Cat in the 4th quarter worth about $6,628,000. 37.97% of the stock is currently owned by institutional investors.

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.