Short Interest in Red Cat Holdings, Inc. (NASDAQ:RCAT) Increases By 32.6%

Red Cat Holdings, Inc. (NASDAQ:RCAT) saw a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 2,850,000 shares, an increase of 32.6% from the June 15th total of 2,150,000 shares. Based on an average daily volume of 826,200 shares, the short-interest ratio is presently 3.4 days. Currently, 5.7% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Separately, LADENBURG THALM/SH SH initiated coverage on Red Cat in a research note on Friday, June 14th. They issued a “buy” rating and a $4.00 price target on the stock.

Institutional Trading of Red Cat

Several hedge funds have recently added to or reduced their stakes in the company. Gladstone Institutional Advisory LLC acquired a new position in Red Cat in the 4th quarter valued at $41,000. PVG Asset Management Corp bought a new stake in shares of Red Cat in the fourth quarter valued at about $230,000. Worth Venture Partners LLC acquired a new position in shares of Red Cat in the fourth quarter valued at about $1,101,000. Finally, AIGH Capital Management LLC bought a new position in Red Cat during the fourth quarter worth about $4,423,000. 37.97% of the stock is owned by institutional investors and hedge funds.

Red Cat Stock Performance

Shares of RCAT stock traded down $0.03 during midday trading on Monday, hitting $1.72. 4,674,341 shares of the company were exchanged, compared to its average volume of 571,634. The firm’s 50 day moving average price is $1.10 and its two-hundred day moving average price is $0.94. The firm has a market capitalization of $127.87 million, a P/E ratio of -3.79 and a beta of -0.11. Red Cat has a 52 week low of $0.53 and a 52 week high of $2.20.

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.