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’s 50 day moving average is $3.75 and its 200-day moving average is $2.51. The company 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 released its quarterly earnings results on Monday, September 23rd. The company reported ($0.17) earnings per share for the quarter. The firm had revenue of $2.78 million for the quarter. Red Cat had a negative net margin of 162.50% and a negative return on equity of 66.19%. On average, equities research analysts anticipate that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new stake in Red Cat during the third quarter worth about $25,000. Sheets Smith Wealth Management bought a new position in shares of Red Cat during the third quarter valued at $51,000. PVG Asset Management Corp purchased a new position in shares of Red Cat in the 2nd quarter worth about $63,000. XTX Topco Ltd boosted its stake in 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 purchasing an additional 46,897 shares in the last quarter. Finally, United Capital Management of KS Inc. purchased a new stake in Red Cat during the 3rd quarter valued at about $108,000. 37.97% of the stock is currently owned by institutional investors.

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.