Red Cat (NASDAQ:RCAT) Sees Unusually-High Trading Volume – Here’s Why

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) saw unusually-strong trading volume on Tuesday . Approximately 4,769,559 shares traded hands during trading, an increase of 164% from the previous session’s volume of 1,804,845 shares.The stock last traded at $8.47 and had previously closed at $10.45.

Red Cat Stock Performance

The firm has a market capitalization of $702.53 million, a PE ratio of -18.41 and a beta of 1.33. The stock has a fifty day moving average price of $5.42 and a 200-day moving average price of $3.27.

Red Cat (NASDAQ:RCAT) last posted its earnings results 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 net margin of 162.50% and a negative return on equity of 66.19%. During the same period in the previous year, the business posted ($0.11) earnings per share. Research analysts expect that Red Cat Holdings, Inc. will post -0.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Red Cat

A number of large investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new position in Red Cat during the 3rd quarter worth $25,000. Sheets Smith Wealth Management acquired a new stake in Red Cat in the third quarter worth about $51,000. PVG Asset Management Corp purchased a new stake in shares of Red Cat during the second quarter worth about $63,000. XTX Topco Ltd increased its holdings in shares of Red Cat by 390.9% during the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock valued at $68,000 after acquiring an additional 46,897 shares in the last quarter. Finally, United Capital Management of KS Inc. acquired a new position in shares of Red Cat during the third quarter valued at about $108,000. 37.97% of the stock is owned by institutional investors and hedge funds.

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.