RCAT is trading 10.9% down at $12.61 as the stock undergoes a natural pullback and profit-taking following a significant multi-day surge.
- The recent rally was driven by news that Red Cat’s Blue Ops unit is ramping up full-rate production of its Variant 7 uncrewed surface vessel.
- Investor sentiment was previously bolstered by increased U.S. government support for maritime autonomy, which led to a 40% jump in share price on May 28.