Red Cat Holdings shares fell 9.42% to $7.21 on Wednesday, extending a 30.89% decline over the past month and continuing a multi-week downtrend. No company announcement, regulatory filing, analyst action or contract decision was identified as a catalyst for the move. The decline follows Red Cat’s second-quarter report, which showed revenue of $20.19 million versus Wall Street’s $22.79 million expectation and a per-share loss of 26 cents versus an expected 22 cents. Revenue still increased fivefold year over year, gross margin rose 39 percentage points, cash reached $325.6 million and full-year revenue guidance remained $150 million to $180 million. Analyst views are mixed, with Evercore at Outperform and a $15 forecast, Needham maintaining Buy while cutting its forecast to $15 from $20, and Piper Sandler at Neutral with a $9 forecast. The stock traded below all four major moving averages, while the drone sector also declined over 30 and 90 days.