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

Red Cat Holdings, Inc. (NASDAQ:RCAT) gapped down before the market opened on Tuesday . The stock had previously closed at $9.61, but opened at $8.97. Red Cat shares last traded at $9.23, with a volume of 1,803,598 shares trading hands.

Red Cat Price Performance

The stock has a 50 day moving average price of $3.75 and a 200-day moving average price of $2.51. The stock has a market capitalization of $699.51 million, a P/E ratio of -19.89 and a beta of -0.07.

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

Institutional Investors Weigh In On Red Cat

A number of large investors have recently added to or reduced their stakes in RCAT. Sanctuary Advisors LLC purchased a new stake in shares of Red Cat during the third quarter worth about $25,000. Sheets Smith Wealth Management purchased a new stake in Red Cat in the 3rd quarter worth approximately $51,000. United Capital Management of KS Inc. bought a new stake in shares of Red Cat in the 3rd quarter worth approximately $108,000. Pekin Hardy Strauss Inc. purchased a new position in shares of Red Cat during the third quarter valued at approximately $138,000. Finally, PVG Asset Management Corp bought a new position in shares of Red Cat during the second quarter valued at approximately $63,000. 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.