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Tuesday, May 24, 2022

Red Cat Holdings, Inc. (RCAT) Stock Declining Pre-Market Following Profit Booking

Red Cat Holdings, Inc. (RCAT) is a manufacturer of drone-based products via its subsidiaries along with the development of software-oriented solutions for cloud-based analytics. It also offers Dronebox for the recording, storage, and analysis of flight data. RCAT stock rocketed higher by 21% to be $2.36 during the regular trading session of April 4. Its price plummeted as of the writing in the pre-market session by 8.47%.


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RCAT: Drone Order from NATO

On April 04, RCAT updated on securing 15 Golden Eagle drone units ordered from a member country of the North Atlantic Treaty Organization (NATO) by its subsidiary Teal Drones. The company will also provide spares and training to the operators and the drones will be deployed in the war-struck Ukraine.

RCAT: Industry Outlook

RCAT belongs to Electronic Equipment, Instruments, and Components industry more specifically it manufactures robots. Robotics is a booming industry with the introduction of cutting-edge technologies. Many robotics stocks have been budding in recent years as the reputed statistical forums projected its growth to be up to $165 billion by 2028. More specifically after the pandemic, many people are looking at the advantages of using AI technology on a routine basis as finding employees is hard with ever-increasing wages.

Company Outlook

RCAT’s market cap stood at $126.6 million on Monday with an average volume of 1592.61 thousand shares. The analysts have given a 2 or buy rating to the company. Some other drone companies have also seen a gain in their stock prices as a result of the confrontation between Russia and Ukraine. This can be correlated to an increased interest in the use of technology in the war.

Conclusion

RCAT stock is generally moving toward a positive trend as its year-to-date stock stats show a 7% gain. The company’s sales drastically reduced during the pandemic as visible in last year’s declining stock price. The recent pre-market stock decline is the result of profit booking as the shares surged by more than 20% on Monday following the receipt of an order from a NATO member.

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