Short Interest in Red Cat Holdings, Inc. (NASDAQ:RCAT) Drops By 44.6%

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

Analysts Set New Price Targets

A number of research firms have weighed in on RCAT. Northland Securities began coverage on shares of Red Cat in a report on Tuesday, March 11th. They set an “outperform” rating and a $13.00 price objective on the stock. Northland Capmk upgraded shares of Red Cat to a “strong-buy” rating in a research note on Monday, March 10th.

Insider Transactions at Red Cat

In other 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 sale, the director now 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Red Cat

Institutional investors have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new position in Red Cat during the 3rd quarter worth $25,000. Twin Tree Management LP purchased a new position in shares of Red Cat during the fourth quarter worth about $28,000. Bank of America Corp DE increased its position in Red Cat by 407.0% in 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 Red Cat during the 4th quarter valued at approximately $48,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Red Cat during the 4th quarter worth approximately $60,000. 37.97% of the stock is owned by institutional investors and hedge funds.

Red Cat Stock Performance

NASDAQ:RCAT traded down $0.11 during mid-day trading on Friday, reaching $5.89. 2,910,798 shares of the stock were exchanged, compared to its average volume of 3,996,930. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30. Red Cat has a 1 year low of $0.75 and a 1 year high of $15.27. The company has a 50 day simple moving average of $7.40 and a 200-day simple moving average of $6.74. The stock has a market capitalization of $504.28 million, a P/E ratio of -10.91 and a beta of 1.32.

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.