Red Cat Holdings (RCAT) is experiencing a notable uptick in its stock price today, driven by a strategic partnership announcement with Palantir Technologies. The collaboration will see Palantir's Visual Navigation software integrated into Red Cat's Black Widow drone, enhancing its capabilities for the Department of Defense. This partnership is expected to significantly boost Red Cat's technological offerings, positioning the Black Widow as one of the most advanced drones in the defense sector. The integration of Palantir's AI and visual navigation systems is anticipated to elevate the drone's operational efficiency, making it a valuable asset for military applications.
Additionally, Red Cat's stock is benefiting from a substantial increase in its borrow rate, which has risen by 4.86% to 56.35%. This increase in borrow rate indicates heightened interest and demand for the stock, potentially driven by the recent partnership news and its implications for Red Cat's future growth prospects.
Red Cat Holdings' stock is currently trading at $11.79, reflecting a 6.89% increase from its previous close of $11.03 and a 9.78% rise from its opening price of $10.74.