Red Cat (NASDAQ:RCAT) Stock Price Up 7.9% - Time to Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) shares were up 7.9% on Thursday . The stock traded as high as $12.77 and last traded at $12.37. Approximately 7,592,103 shares changed hands during trading, an increase of 25% from the average daily volume of 6,065,374 shares. The stock had previously closed at $11.46.

Red Cat Stock Performance

The firm has a market capitalization of $1.05 billion, a P/E ratio of -21.27 and a beta of 1.43. The firm has a 50 day moving average price of $7.46 and a two-hundred day moving average price of $7.46.

Red Cat (NASDAQ:RCAT - Get Free Report) last released its quarterly earnings data 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 forecast that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Red Cat

In related news, Director Joseph David Freedman sold 150,000 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $7.37, for a total transaction of $1,105,500.00. Following the completion of the sale, the director directly owned 165,260 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nicholas Reyland Liuzza, Jr. sold 100,000 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $8.58, for a total value of $858,000.00. Following the sale, the director owned 387,445 shares of the company's stock, valued at approximately $3,324,278.10. This represents a 20.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 350,309 shares of company stock valued at $2,635,570. 15.30% of the stock is owned by corporate insiders.

Institutional Trading of Red Cat

Several hedge funds and other institutional investors have recently modified their holdings of RCAT. Twin Tree Management LP purchased a new stake in shares of Red Cat during the fourth quarter worth $28,000. Bank of America Corp DE raised its holdings in Red Cat by 407.0% during the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company's stock valued at $44,000 after buying an additional 2,727 shares in the last quarter. Mark Sheptoff Financial Planning LLC bought a new position in Red Cat during the fourth quarter valued at about $48,000. SBI Securities Co. Ltd. raised its holdings in Red Cat by 104.4% during the first quarter. SBI Securities Co. Ltd. now owns 9,467 shares of the company's stock valued at $56,000 after buying an additional 4,835 shares in the last quarter. Finally, Summit Trail Advisors LLC bought a new position in Red Cat during the first quarter valued at about $59,000. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

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.