Why Did Red Cat Stock Drop Today?
It's been two weeks now since Red Cat Holdings (NASDAQ: RCAT) stock announced its big plan to collaborate with drone software company Safe Pro Group in a U.S. Army exercise to identify landmines, unexploded cluster munitions, and "ambush FPV drones" from the air. Two weeks later, we just learned that this demonstration was a success -- and Safe Pro has won a contract that it will share with Red Cat.
Not that you would guess it from today's stock prices. Both Safe Pro and Red Cat shares are down, with Red Cat yowling for an 8.8% loss through 11:40 a.m. ET -- reversing yesterday's tiny 0.7% gain after the contract was first announced.
Image source: Getty Images.
Source Fool.com
