Why Red Cat Holdings Stock Is Soaring Today

Red Cat Holdings Inc RCAT is trading significantly higher Monday after the company announced its subsidiary, Skypersonic Inc, won a 5-year NASA contract.

NASA is preparing a series of analog missions that will simulate year-long stays on the surface of Mars. The crew will conduct simulated operations by remote piloting Skypersonic drones and rovers in a simulated martian environment. Skypersonic's Dronebox real-time transoceanic remote piloting platform will drive the piloting of both the drones and the rover.

"We are excited NASA selected Skypersonic's technology to operate its drones and rover in the simulated Mars environment based on its functionality, and to be involved in a project that is the precursor to human operations on other planets," stated Giuseppe Santangelo, CEO of Skypersonic.

Red Cat Holdings is a provider of secure blockchain-based distributed storage, analytics and SaaS for the drone industry.

RCAT Price Action: Red Cat Holdings has traded as high as $7.46 and as low as 54 cents over a 52-week period.

The stock was up 69.60% at $4.07 at time of publication.

Photo: Bruno Albino from Pixabay.