Red Cat (NASDAQ:RCAT) Trading Down 7.1% Following Insider Selling

Red Cat Holdings, Inc. (NASDAQ:RCAT) dropped 7.1% on Friday after an insider sold shares in the company. The stock traded as low as $12.00 and last traded at $12.46. Approximately 9,302,877 shares were traded during trading, an increase of 317% from the average daily volume of 2,232,723 shares. The stock had previously closed at $13.41.

Specifically, insider George Michael Matus sold 309,491 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $14.27, for a total transaction of $4,416,436.57. Following the sale, the insider now owns 304,406 shares of the company’s stock, valued at approximately $4,343,873.62. This represents a 50.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider George Michael Matus sold 72,093 shares of Red Cat stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $12.10, for a total value of $872,325.30. Following the transaction, the insider now directly owns 613,897 shares of the company’s stock, valued at $7,428,153.70. The trade was a 10.51 % decrease in their position. The disclosure for this sale can be found here. In other news, CRO Geoffrey Wayne Hitchcock sold 113,823 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $10.44, for a total value of $1,188,312.12. Following the sale, the executive now directly owns 558,325 shares of the company’s stock, valued at approximately $5,828,913. This represents a 16.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Red Cat Price Performance

The firm’s 50 day moving average is $6.79 and its 200 day moving average is $3.86. The company has a market cap of $982.77 million, a PE ratio of -26.65 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings results on Monday, December 16th. The company reported ($0.18) EPS for the quarter, missing analysts’ consensus estimates 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 quarter in the previous year, the business earned ($0.11) EPS. As a group, analysts anticipate that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Hedge Funds Weigh In On Red Cat

A number of institutional investors have recently added to or reduced their stakes in RCAT. Renaissance Technologies LLC purchased a new position in shares of Red Cat during the second quarter worth about $267,000. Corsair Capital Management L.P. bought a new stake in Red Cat during the third quarter valued at approximately $308,000. Wolverine Trading LLC purchased a new position in Red Cat in the 3rd quarter worth approximately $233,000. Centiva Capital LP bought a new position in shares of Red Cat in the 3rd quarter worth $207,000. Finally, State Street Corp raised its position in shares of Red Cat by 44.9% during the 3rd quarter. State Street Corp now owns 221,958 shares of the company’s stock valued at $564,000 after buying an additional 68,800 shares in the last quarter. 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.