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

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $5.89, but opened at $5.47. Red Cat shares last traded at $5.81, with a volume of 1,040,894 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Northland Capmk raised Red Cat to a “strong-buy” rating in a research report on Monday, March 10th. Northland Securities assumed coverage on Red Cat in a research report on Tuesday, March 11th. They issued an “outperform” rating and a $13.00 price objective on the stock.

Red Cat Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.60 and a current ratio of 1.43. The stock has a market cap of $547.09 million, a PE ratio of -11.83 and a beta of 1.32. The business’s fifty day moving average price is $7.30 and its 200-day moving average price is $6.84.

Hedge Funds Weigh In On Red Cat

A number of institutional investors and hedge funds have recently modified their holdings of RCAT. Twin Tree Management LP purchased a new stake in shares of Red Cat during the 4th quarter valued at about $28,000. Bank of America Corp DE grew its position in shares of Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after acquiring an additional 2,727 shares during the period. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Red Cat in the 4th quarter worth $48,000. SBI Securities Co. Ltd. bought a new position in Red Cat in the 4th quarter worth $60,000. Finally, Jones Financial Companies Lllp raised its stake in shares of Red Cat by 1,536.6% in the fourth quarter. Jones Financial Companies Lllp now owns 8,887 shares of the company’s stock worth $114,000 after buying an additional 8,344 shares during the period. 37.97% of the stock is currently 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.