Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Update

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the target of a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 8,040,000 shares, a drop of 44.6% from the February 28th total of 14,520,000 shares. Currently, 11.9% of the company’s shares are short sold. Based on an average daily trading volume, of 8,480,000 shares, the short-interest ratio is presently 0.9 days.

Red Cat Trading Down 1.8 %

RCAT traded down $0.11 during mid-day trading on Friday, hitting $5.89. 2,910,798 shares of the stock were exchanged, compared to its average volume of 3,996,930. The company has a market cap of $504.28 million, a PE ratio of -10.91 and a beta of 1.32. The company has a current ratio of 1.43, a quick ratio of 0.60 and a debt-to-equity ratio of 0.30. The firm’s fifty day moving average is $7.40 and its two-hundred day moving average is $6.74. Red Cat has a 1-year low of $0.75 and a 1-year high of $15.27.

Insider Transactions at Red Cat

In related news, Director Joseph David Freedman sold 15,000 shares of the firm’s stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $14.24, for a total transaction of $213,600.00. Following the completion of the sale, the director now directly owns 585,190 shares of the company’s stock, valued at approximately $8,333,105.60. This trade represents a 2.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Centiva Capital LP acquired a new stake in Red Cat during the 3rd quarter worth approximately $207,000. 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. Wolverine Trading LLC purchased a new position in Red Cat in the third quarter valued at $233,000. Sanctuary Advisors LLC acquired a new position in Red Cat during the 3rd quarter worth $25,000. Finally, Kieckhefer Group LLC purchased a new stake in Red Cat during the 4th quarter worth about $296,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Northland Securities initiated coverage on shares of Red Cat in a research report on Tuesday, March 11th. They set an “outperform” rating and a $13.00 price target for the company. Northland Capmk upgraded shares of Red Cat to a “strong-buy” rating in a report on Monday, March 10th.

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.