Red Cat jumps on Palantir partnership
** Shares of drone technology firm Red Cat Holdings RCAT.O jump as much as 30.5% to $10.74 on Mon after strategic partnership with Palantir Technologies PLTR.N announced
** RCAT shares last up 15.8% at $9.53
** Puerto Rico-based RCAT early Mon said partnership to integrate PLTR's visual navigation software into its Black Widow drones, and to deploy PLTR's manufacturing operating system
** Last month, RCAT's shares surged after its Black Widow drones were selected for the U.S. Army's short range reconnaissance program
** RCAT debuted on the Nasdaq in 2021 after $16 mln public offering priced at $4 and its shares uplisted from the QTCQB Venture Market
** Nearly 30 mln RCAT shares have traded so far on the session vs stock's 10-DMA volume of roughly 6.7 mln shares, per LSEG
** Co has ~77.6 mln shares outstanding for ~$740 mln current market cap and ~58.1 mln shares of public float
** With move on Mon, shares have doubled over the past month and are up about 1,000% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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