Red Cat (NASDAQ:RCAT) Stock Price Down 4.5% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) dropped 4.5% during mid-day trading on Monday . The stock traded as low as $5.83 and last traded at $5.88. Approximately 2,812,042 shares traded hands during trading, a decline of 33% from the average daily volume of 4,220,430 shares. The stock had previously closed at $6.16.

Analysts Set New Price Targets

Several research analysts recently weighed in on RCAT shares. Northland Capmk raised Red Cat to a “strong-buy” rating in a research report on Monday, March 10th. Northland Securities started coverage on Red Cat in a research note 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 current ratio of 1.43, a quick ratio of 0.60 and a debt-to-equity ratio of 0.30. The firm has a market cap of $490.76 million, a PE ratio of -10.61 and a beta of 1.34. The stock’s 50 day moving average price is $6.69 and its 200 day moving average price is $7.10.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Twin Tree Management LP acquired a new stake in shares of Red Cat in the fourth quarter valued at about $28,000. Bank of America Corp DE grew its position in Red Cat by 407.0% in the fourth 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 in the last quarter. Squarepoint Ops LLC raised its stake in shares of Red Cat by 23.0% during the fourth quarter. Squarepoint Ops LLC now owns 15,496 shares of the company’s stock valued at $199,000 after purchasing an additional 2,902 shares during the period. United Capital Management of KS Inc. lifted its position in shares of Red Cat by 7.4% during the fourth quarter. United Capital Management of KS Inc. now owns 45,650 shares of the company’s stock worth $587,000 after purchasing an additional 3,150 shares in the last quarter. Finally, Gladstone Institutional Advisory LLC boosted its stake in shares of Red Cat by 34.0% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 13,400 shares of the company’s stock valued at $172,000 after purchasing an additional 3,400 shares during the period. 37.97% of the stock is 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.