Traders Purchase Large Volume of Red Cat Call Options (NASDAQ:RCAT)

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the recipient of some unusual options trading activity on Monday. Traders acquired 37,057 call options on the stock. This is an increase of 539% compared to the average daily volume of 5,795 call options.

Institutional Trading of Red Cat

A number of hedge funds have recently bought and sold shares of RCAT. Renaissance Technologies LLC acquired a new position in Red Cat during the second quarter worth $267,000. Corsair Capital Management L.P. purchased a new position in Red Cat during the third quarter worth about $308,000. Wolverine Trading LLC acquired a new position in Red Cat during the third quarter worth $233,000. Centiva Capital LP acquired a new position in Red Cat in the 3rd quarter valued at about $207,000. Finally, State Street Corp raised its stake in shares of Red Cat by 44.9% in the third quarter. State Street Corp now owns 221,958 shares of the company’s stock valued at $564,000 after acquiring an additional 68,800 shares in the last quarter. Institutional investors and hedge funds own 37.97% of the company’s stock.

Red Cat Stock Performance

NASDAQ RCAT traded up $1.70 during mid-day trading on Monday, reaching $9.93. 23,817,311 shares of the stock were exchanged, compared to its average volume of 1,683,997. The company has a market capitalization of $749.32 million, a P/E ratio of -20.76 and a beta of 1.33. The business’s 50 day moving average is $5.27 and its 200-day moving average is $3.21. Red Cat has a 1 year low of $0.56 and a 1 year high of $12.57.

Red Cat (NASDAQ:RCAT) last announced its earnings results on Monday, September 23rd. The company reported ($0.17) EPS for the quarter. The firm had revenue of $2.78 million for the quarter. Red Cat had a negative net margin of 162.50% and a negative return on equity of 66.19%. Equities analysts predict that Red Cat will post -0.39 earnings per share for the current fiscal year.

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.