Red Cat (NASDAQ:RCAT) Shares Gap Up – What’s Next?

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) gapped up prior to trading on Monday . The stock had previously closed at $8.23, but opened at $9.86. Red Cat shares last traded at $9.19, with a volume of 14,888,482 shares changing hands.

Red Cat Price Performance

The company’s fifty day moving average price is $5.55 and its 200 day moving average price is $3.33. The company has a market cap of $729.70 million, a PE ratio of -21.02 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last released its earnings results on Monday, December 16th. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 in the previous year, the company earned ($0.11) earnings per share. On average, analysts forecast that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Institutional Investors Weigh In On Red Cat

A number of institutional investors and hedge funds have recently bought and sold shares of RCAT. Sanctuary Advisors LLC bought a new stake in Red Cat in the third quarter valued at approximately $25,000. Sheets Smith Wealth Management purchased a new position in shares of Red Cat during the third quarter valued at approximately $51,000. PVG Asset Management Corp bought a new stake in shares of Red Cat in the 2nd quarter worth approximately $63,000. XTX Topco Ltd grew its stake in shares of Red Cat by 390.9% in the 2nd quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock worth $68,000 after buying an additional 46,897 shares during the last quarter. Finally, United Capital Management of KS Inc. bought a new position in Red Cat during the 3rd quarter valued at approximately $108,000. 37.97% of the stock is 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.