Traders Purchase Large Volume of Call Options on Red Cat (NASDAQ:RCAT)

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the target of some unusual options trading on Friday. Traders bought 3,018 call options on the company. This is an increase of 68% compared to the average volume of 1,794 call options.

Institutional Investors Weigh In On Red Cat

A number of hedge funds have recently bought and sold shares of the business. Sheets Smith Wealth Management bought a new stake in shares of Red Cat in the 3rd quarter valued at approximately $51,000. United Capital Management of KS Inc. purchased a new stake in Red Cat during the 3rd quarter valued at $108,000. XTX Topco Ltd lifted its position in Red Cat by 390.9% in the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock worth $68,000 after buying an additional 46,897 shares during the last quarter. Pekin Hardy Strauss Inc. purchased a new position in Red Cat during the third quarter worth $138,000. Finally, PVG Asset Management Corp bought a new position in Red Cat during the second quarter valued at $63,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Red Cat Stock Up 20.6 %

NASDAQ RCAT traded up $0.83 during trading hours on Friday, reaching $4.85. The company’s stock had a trading volume of 4,904,417 shares, compared to its average volume of 924,930. Red Cat has a 1 year low of $0.52 and a 1 year high of $5.01. The company has a market capitalization of $365.74 million, a price-to-earnings ratio of -10.57 and a beta of -0.07. The firm’s 50-day moving average price is $3.11 and its 200-day moving average price is $2.18.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings results on Monday, September 23rd. The company reported ($0.17) EPS for the quarter. Red Cat had a negative net margin of 162.50% and a negative return on equity of 66.19%. The firm had revenue of $2.78 million for the quarter. Equities research analysts anticipate that Red Cat will post -0.33 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.