Red Cat (NASDAQ:RCAT) Stock Price Down 5.7% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares were down 5.7% during trading on Wednesday . The stock traded as low as $8.92 and last traded at $9.12. Approximately 3,505,174 shares changed hands during mid-day trading, an increase of 88% from the average daily volume of 1,860,465 shares. The stock had previously closed at $9.67.

Red Cat Price Performance

The stock has a market cap of $656.55 million, a price-to-earnings ratio of -18.91 and a beta of 1.33. The business’s fifty day simple moving average is $5.55 and its 200 day simple moving average is $3.33.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings data on Monday, December 16th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.27). Red Cat had a negative return on equity of 66.19% and a negative net margin of 162.50%. During the same period last year, the company earned ($0.11) EPS. As a group, equities analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Red Cat

Institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC bought a new stake in shares of Red Cat in the 2nd quarter worth $267,000. State Street Corp lifted its holdings in Red Cat by 44.9% in the 3rd 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 during the last quarter. Corsair Capital Management L.P. bought a new position in shares of Red Cat during the 3rd quarter valued at about $308,000. Wolverine Trading LLC acquired a new position in shares of Red Cat in the 3rd quarter worth approximately $233,000. Finally, Centiva Capital LP bought a new stake in shares of Red Cat in the 3rd quarter worth approximately $207,000. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.