Red Cat (NASDAQ:RCAT) Shares Down 6% Following Insider Selling

Red Cat Holdings, Inc. (NASDAQ:RCAT) was down 6% during trading on Friday after an insider sold shares in the company. The company traded as low as $12.00 and last traded at $12.61. Approximately 8,255,955 shares traded hands during trading, an increase of 272% from the average daily volume of 2,220,495 shares. The stock had previously closed at $13.41.

Specifically, CRO Geoffrey Wayne Hitchcock sold 113,823 shares of the company’s 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 owns 558,325 shares in the company, valued at approximately $5,828,913. This represents a 16.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jeffrey M. Thompson sold 28,756 shares of Red Cat stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $13.97, for a total transaction of $401,721.32. Following the completion of the transaction, the chief executive officer now directly owns 13,014,449 shares of the company’s stock, valued at approximately $181,811,852.53. This represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. In other news, CEO Jeffrey M. Thompson sold 392,551 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $11.34, for a total transaction of $4,451,528.34. Following the sale, the chief executive officer now directly owns 13,121,898 shares in the company, valued at approximately $148,802,323.32. This represents a 2.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Red Cat Trading Down 8.4 %

The firm’s 50-day simple moving average is $6.60 and its 200 day simple moving average is $3.78. The stock has a market cap of $985.18 million, a P/E ratio of -26.72 and a beta of 1.33.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings data on Monday, December 16th. The company reported ($0.18) earnings per share 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 prior year, the firm earned ($0.11) EPS. On average, analysts anticipate that Red Cat Holdings, Inc. will post -0.39 EPS for the current year.

Hedge Funds Weigh In On Red Cat

Several hedge funds have recently made changes to their positions in the business. Centiva Capital LP bought a new stake in Red Cat during the third quarter worth approximately $207,000. Wolverine Trading LLC bought a new stake in shares of Red Cat during the 3rd quarter worth $233,000. Corsair Capital Management L.P. bought a new stake in shares of Red Cat during the 3rd quarter worth $308,000. Pekin Hardy Strauss Inc. purchased a new position in shares of Red Cat in the third quarter worth approximately $138,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Red Cat during the second quarter valued at approximately $267,000. Institutional investors and hedge funds own 37.97% of the company’s stock.

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.