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

Red Cat Holdings, Inc. (NASDAQ:RCAT) saw a significant decrease in short interest in March. As of March 15th, there was short interest totalling 8,040,000 shares, a decrease of 44.6% from the February 28th total of 14,520,000 shares. Currently, 11.9% of the company’s stock are sold short. Based on an average trading volume of 8,480,000 shares, the short-interest ratio is presently 0.9 days.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Northland Securities began coverage on shares of Red Cat in a research note on Tuesday, March 11th. They set an “outperform” rating and a $13.00 price target for the company. Northland Capmk raised shares of Red Cat to a “strong-buy” rating in a research report on Monday, March 10th.

Insider Transactions at Red Cat

In related news, Director Joseph David Freedman sold 15,000 shares of the 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 completion of the transaction, the director now directly owns 585,190 shares in the company, valued at approximately $8,333,105.60. This trade represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Red Cat

A number of institutional investors have recently added to or reduced their stakes in RCAT. Sanctuary Advisors LLC bought a new position in shares of Red Cat in the 3rd quarter valued at about $25,000. Twin Tree Management LP acquired a new stake in Red Cat in the 4th quarter valued at about $28,000. Bank of America Corp DE grew its holdings in Red Cat by 407.0% during the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after purchasing an additional 2,727 shares during the period. Mark Sheptoff Financial Planning LLC acquired a new position in Red Cat during the fourth quarter worth approximately $48,000. Finally, SBI Securities Co. Ltd. bought a new stake in Red Cat in the fourth quarter valued at approximately $60,000. 37.97% of the stock is currently owned by institutional investors and hedge funds.

Red Cat Stock Down 1.8 %

Shares of NASDAQ:RCAT traded down $0.11 during trading on Friday, hitting $5.89. 2,910,798 shares of the company were exchanged, compared to its average volume of 3,996,930. Red Cat has a fifty-two week low of $0.75 and a fifty-two week high of $15.27. The stock has a market cap of $504.28 million, a price-to-earnings ratio of -10.91 and a beta of 1.32. 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 fifty day moving average price of $7.40 and a two-hundred day moving average price of $6.77.

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.