Red Cat (NASDAQ:RCAT) Stock Price Up 3.9% - Here's What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report)'s share price traded up 3.9% on Thursday . The stock traded as high as $9.89 and last traded at $9.94. 2,649,730 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 7,654,694 shares. The stock had previously closed at $9.56.

Red Cat Stock Performance

The stock has a market capitalization of $884.57 million, a P/E ratio of -17.77 and a beta of 1.43. The company's fifty day simple moving average is $7.81 and its two-hundred day simple moving average is $7.35.

Red Cat (NASDAQ:RCAT - Get Free Report) last released 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). On average, research analysts predict that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Insider Activity at Red Cat

In other news, Director Joseph David Freedman sold 150,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $7.37, for a total transaction of $1,105,500.00. Following the transaction, the director directly owned 165,260 shares of the company's stock, valued at approximately $1,217,966.20. This trade represents a 47.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Nicholas Reyland Liuzza, Jr. sold 100,309 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $6.70, for a total transaction of $672,070.30. Following the transaction, the director directly owned 387,445 shares in the company, valued at $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. Insiders have sold 350,309 shares of company stock worth $2,635,570 over the last ninety days. Insiders own 15.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RCAT. Charles Schwab Investment Management Inc. increased its stake in Red Cat by 63.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 30,059 shares of the company's stock valued at $386,000 after acquiring an additional 11,661 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Red Cat in the fourth quarter valued at approximately $478,000. Commonwealth Equity Services LLC acquired a new stake in Red Cat in the fourth quarter valued at approximately $388,000. Virtu Financial LLC acquired a new stake in Red Cat in the fourth quarter valued at approximately $217,000. Finally, LPL Financial LLC lifted its holdings in shares of Red Cat by 497.2% during the fourth quarter. LPL Financial LLC now owns 74,008 shares of the company's stock worth $951,000 after purchasing an additional 61,615 shares during the period. 37.97% of the stock is 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.