Red Cat jumps on Palantir partnership

Red Cat Holdings

16/12/2024 18:44

** Shares of drone technology firm Red Cat Holdings  RCAT.O 
jump as much as 30.5% to $10.74 on Mon after strategic
partnership with Palantir Technologies  PLTR.N  announced
    ** RCAT shares last up 15.8% at $9.53
  
** Puerto Rico-based RCAT early Mon  partnership to integrate
PLTR's visual navigation software into its Black Widow drones,
and to deploy PLTR's manufacturing operating system
** Last month, RCAT's shares surged after its Black Widow drones
were selected for the U.S. Army's short range reconnaissance
program
    ** RCAT debuted on the Nasdaq in 2021 after $16 mln public
offering priced at $4 and its shares uplisted from the QTCQB
Venture Market
    ** Nearly 30 mln RCAT shares have traded so far on the
session vs stock's 10-DMA volume of roughly 6.7 mln shares, per
LSEG
** Co has ~77.6 mln shares outstanding for ~$740 mln current
market cap and ~58.1 mln shares of public float
    ** With move on Mon, shares have doubled over the past month
and are up about 1,000% YTD
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))