Red Cat Holdings, Inc. (RCAT) is experiencing a surge in its stock price today, likely driven by recent legislative developments in the United States. A defense bill passed by Congress last week aims to ban new sales of drones from major Chinese manufacturers, including DJI Technology and Autel Robotics, due to national security concerns. This move could significantly impact the U.S. drone market, where Chinese-made drones currently dominate. As a result, domestic drone manufacturers like Red Cat Holdings stand to benefit from reduced competition and increased demand for their products.
The current price of Red Cat Holdings' stock is $12.02, reflecting an 8.98% increase from its previous close of $11.03. The stock opened at $10.74 and has seen a notable rise of 11.92% since the market opened today.