Red Cat Holdings, Inc. (RCAT), a holding company engaged in the drone industry, has soared 8.05% in aftermarket trading session. Consequently, the stock was trading at $2.95 when last checked. The rise in the aftermarket is the continuation of its upsurge in Monday’s regular trading session when it rocketed by 48.37% to close the day at $2.37. The stock price started to escalate following the selection of the company for the US armed forces.
Teal Drones Selection for Reconnaissance Program
On Monday, RCAT announced that Teal Drones, its subsidiary, has been selected for competing in the Short Range Reconnaissance Tranche 2 program of record by the US Army and Defense Innovation Unit of the Department of Defense. The company’s selection was done to serve the purpose of developing of unmanned aerial system, which would be designed for carrying out the duties related to surveillance. The program aims for the provision of easy-to-carry rucksack portable sUAS.
When RCAT would Report Q3 2022 Results?
On the 10th of March, RCAT announced that it would report the financial results for the third quarter of the fiscal year 2022 on the 17th of March 2022 after the closure of the market. The period under discussion came to an end on the 31st of January 2022. CEO of the company Jeff Thompson and CFO Joseph Hernon will host a conference call as well on the same day to discuss the results as well as update the stakeholders regarding the corporate developments.
Appointment to Board of Directors
On the 16th of February, RCAT announced to have appointed Christopher R. Moe to its Board of Directors. Christopher is a seasoned business executive having previously served as CFO and Director of Yates Electrospace Corp. He also served as the CEO and Chairman of ProBrass Inc. Jeff Thompson, CEO of Red Cat, welcomed his induction and said that the company is looking forward to Christopher’s guidance to enhance its sales in upcoming months and years.
What’s Ahead for RCAT?
Looking ahead, analysts are pointing out that even though RCAT stock holds several positive technical indicators at this point, they are not enough for it to be considered as a buy stock. Hence, at the current level, the stock should be considered a hold candidate while waiting for future developments.