Why Red Cat Holdings Stock Is Taking Off Today

Red Cat Holdings Inc RCAT shares are trading higher Monday morning after the company announced a drone order for use in Ukraine.

Red Cat subsidiary Teal Drones has secured an order for 15 Golden Eagle drone units from a NATO member country that has committed them to deployment in Ukraine.

"Red Cat Holdings stands by Ukraine, and we will continue to support its needs to the greatest extent possible using Teal’s Golden Eagle platform," said Jeff Thompson, CEO of Red Cat.

Teal Drones is a leader in unmanned aircraft systems and its Golden Eagle is one of only five drones approved by the Department of Defense for reconnaissance, public safety and inspection applications.

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RCAT 52-Week Range: $1.46 - $7.46

The stock was up 24.1% at $2.43 at time of publication.

Photo: stomero from Pixabay.