AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Red Cat Holdings, Inc. (NASDAQ:RCAT) stock jumped 50% to close at US$3.60 at 4:00 pm ET on Sep 27.
- The company was founded in 1984. The stock gained a whopping 325% in one year.
- The stock rallied after signing a 5-year contract with NASA for simulated Mars missions.
The stock of Red Cat Holdings, Inc. (NASDAQ:RCAT) jumped 50% to close at US$3.60 on Monday after the company announced a five-year contract with US space agency NASA.
The San Juan, Puerto Rico-based software company, provides blockchain-based storage, analytics, and SaaS solutions for the drone industry.
The stock skyrocketed in intraday trading after the news of its NASA contract.
On Monday, Red Cat Holdings announced that its subsidiary Skypersonic Inc. bagged a five-year contract from NASA to provide drone and rover software, hardware, and other related support for the “simulated Mars mission” of the US space agency.
Also Read: Top five stocks to keep an eye on this week
Subsidiaries of Red Cat Holdings
The company has four wholly-owned subsidiaries, including Fat Shark Holdings, Rotor Riot LLC, and Skypersonic, which provide various solutions and services to the drone industry.
Fat Shark provides first-person view (FPV) video goggles; Rotor Riot provides FPV drones and equipment; and Skypersonic provides inspections in areas where GPS services are unavailable.
In addition, its Red Cat Propware subsidiary offers drone flight data analytics and storage solutions. However, in the aftermarket at 4:52 pm ET, the stock retreated by about 6.9%.
Also Read: Now, Facebook wades into Instagram Kids row, halts project: Know more
Source – pixabay
Also Read: 10 reasons why US should plan for a digital currency
Red Cat financials
Red Cat Holdings' (RCAT) presented its results for the quarter ended July 31, 2021, last week. The revenue for the quarter was US$1.4 million against US$0.548 million in the comparative quarter a year ago.
The net loss was US$(1.56) million or US$(0.05) per share diluted against a net loss of around US$(0.383) million or US$(0.02) per share diluted for the July quarter of 2020.
Also Read: Five financial stocks that may benefit from Fed's tapering plan
The cash and cash equivalents were around US$66.1 million as of July 31, 2021. On Sep 24, 2021, the stock closed at US$2.4, with a trading volume of 1,065,972.
Red Cat’s market capitalization is US$193 million.
Also Read: What is Sandwich trade tactic & should it worry you?
Bottomline
Founded in 1984, the stock of this technology company gained 325% in one year, based on the closing price of US$3.6 at 4:00 pm ET on Sep 27. The technology sector has seen robust growth over the past year, helping the exchanges to register handsome gains. However, investors should carefully evaluate the companies before investing in stocks.
