RedCloud Holdings plc (NASDAQ:RCT) Sees Significant Decline in Short Interest

RedCloud Holdings plc (NASDAQ:RCT) saw a large drop in short interest in the month of July. As of July 15th, there was short interest totaling 566,529 shares, a drop of 72.9% from the June 30th total of 2,087,682 shares. Currently, 0.8% of the company’s shares are short sold. Based on an average daily volume of 4,704,747 shares, the days-to-cover ratio is presently 0.1 days.

Hedge Funds Weigh In On RedCloud

Hedge funds and other institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd purchased a new position in RedCloud in the 4th quarter worth approximately $38,000. Boyer Financial Services Inc. purchased a new stake in shares of RedCloud during the fourth quarter valued at approximately $176,000. Finally, UBS Group AG raised its stake in shares of RedCloud by 2,359.8% during the third quarter. UBS Group AG now owns 328,365 shares of the company’s stock valued at $594,000 after purchasing an additional 315,016 shares during the period.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of RedCloud in a report on Wednesday, June 24th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.25.

RedCloud Stock Up 1.1%

NASDAQ RCT traded up $0.00 during trading hours on Friday, hitting $0.21. The company had a trading volume of 431,720 shares, compared to its average volume of 16,776,603. RedCloud has a fifty-two week low of $0.20 and a fifty-two week high of $3.08. The firm’s 50 day moving average is $0.46 and its 200 day moving average is $0.77.

RedCloud (NASDAQ:RCT) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.14) EPS for the quarter. The business had revenue of $15.28 million during the quarter.

About RedCloud

We have developed and operate the RedCloud platform (the “Platform”), that facilitates the trading of everyday consumer supplies of fast-moving consumer goods (“FMCG”) products across business supply chains. We believe the Platform solves a decades old problem of how to unlock and enable access of key purchase and sales data between brands, distributors and retailers in high growth consumer markets. Through the Platform, we enable retailers in these markets to use data driven insights backed by artificial intelligence (“AI”) to help make faster and easier business-to-business (“B2B”) purchases and inventory decisions from brands and distributors by breaking down complex purchasing behaviors of large product inventory catalogues.