Red Cat Holdings, Inc. (NASDAQ:RCAT) Short Interest Up 22.3% in August

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) saw a significant increase in short interest in August. As of August 15th, there was short interest totalling 3,230,000 shares, an increase of 22.3% from the July 31st total of 2,640,000 shares. Approximately 6.4% of the company's stock are sold short. Based on an average daily trading volume, of 987,600 shares, the short-interest ratio is currently 3.3 days.

Analyst Upgrades and Downgrades

Separately, LADENBURG THALM/SH SH started coverage on Red Cat in a research report on Friday, June 14th. They set a "buy" rating and a $4.00 target price on the stock.

Read Our Latest Research Report on RCAT

Hedge Funds Weigh In On Red Cat

Institutional investors have recently added to or reduced their stakes in the stock. Gladstone Institutional Advisory LLC acquired a new position in Red Cat in the 4th quarter valued at about $41,000. PVG Asset Management Corp purchased a new stake in Red Cat in the 2nd quarter valued at approximately $63,000. XTX Topco Ltd boosted its holdings in Red Cat by 390.9% in the 2nd quarter. XTX Topco Ltd now owns 58,895 shares of the company's stock valued at $68,000 after purchasing an additional 46,897 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Red Cat in the 2nd quarter valued at approximately $267,000. Finally, Worth Venture Partners LLC purchased a new stake in Red Cat in the 4th quarter valued at approximately $1,101,000. Institutional investors and hedge funds own 37.97% of the company's stock.

Red Cat Stock Performance

RCAT opened at $3.11 on Friday. The business's 50-day simple moving average is $2.07 and its 200-day simple moving average is $1.35. Red Cat has a one year low of $0.52 and a one year high of $3.27. The stock has a market capitalization of $231.02 million, a P/E ratio of -5.98 and a beta of -0.09.

Red Cat (NASDAQ:RCAT - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter. The company had revenue of $6.31 million during the quarter. Red Cat had a negative net margin of 134.84% and a negative return on equity of 45.56%. On average, equities research analysts forecast that Red Cat will post -0.22 EPS for the current fiscal year.

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.

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