Red Cat (NASDAQ:RCAT) Shares Gap Up – Here’s Why

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) gapped up prior to trading on Wednesday . The stock had previously closed at $9.18, but opened at $9.50. Red Cat shares last traded at $9.52, with a volume of 666,166 shares traded.

Red Cat Stock Performance

The firm’s 50-day moving average is $4.58 and its two-hundred day moving average is $2.86. The stock has a market cap of $653.53 million, a P/E ratio of -18.83 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Monday, September 23rd. The company reported ($0.17) earnings per share for the quarter. Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. The company had revenue of $2.78 million during the quarter. As a group, research analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in Red Cat in the 3rd quarter worth approximately $25,000. Sheets Smith Wealth Management bought a new stake in shares of Red Cat during the 3rd quarter valued at $51,000. PVG Asset Management Corp bought a new stake in shares of Red Cat during the 2nd quarter valued at $63,000. XTX Topco Ltd raised its position in shares of Red Cat by 390.9% during the 2nd quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock valued at $68,000 after acquiring an additional 46,897 shares during the last quarter. Finally, United Capital Management of KS Inc. bought a new stake in shares of Red Cat during the 3rd quarter valued at $108,000. 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.