Van ECK Associates Corp Acquires New Position in Red Cat Holdings, Inc. $RCAT

by · The Markets Daily

Van ECK Associates Corp bought a new position in Red Cat Holdings, Inc. (NASDAQ:RCAT – Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,553,337 shares of the company’s stock, valued at approximately $27,193,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RCAT. Arizona State Retirement System grew its position in Red Cat by 3.0% during the fourth quarter. Arizona State Retirement System now owns 29,311 shares of the company’s stock valued at $232,000 after acquiring an additional 855 shares during the last quarter. CoreCap Advisors LLC raised its stake in shares of Red Cat by 13.8% during the second quarter. CoreCap Advisors LLC now owns 9,039 shares of the company’s stock worth $96,000 after acquiring an additional 1,095 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Red Cat by 0.7% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 167,084 shares of the company’s stock worth $1,325,000 after acquiring an additional 1,147 shares during the last quarter. Advisory Services Network LLC boosted its stake in shares of Red Cat by 5.3% in the 3rd quarter. Advisory Services Network LLC now owns 30,200 shares of the company’s stock valued at $313,000 after purchasing an additional 1,507 shares in the last quarter. Finally, Western Wealth Management LLC boosted its stake in shares of Red Cat by 4.5% in the 1st quarter. Western Wealth Management LLC now owns 36,722 shares of the company’s stock valued at $481,000 after purchasing an additional 1,570 shares in the last quarter. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Red Cat Price Performance

NASDAQ:RCAT opened at $8.49 on Monday. The firm has a market capitalization of $1.04 billion, a P/E ratio of -10.48 and a beta of 1.32. The company has a fifty day moving average of $9.10 and a 200 day moving average of $11.33. Red Cat Holdings, Inc. has a 52 week low of $5.77 and a 52 week high of $18.78.

Red Cat (NASDAQ:RCAT – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%.The firm had revenue of $20.20 million during the quarter, compared to the consensus estimate of $22.65 million. As a group, analysts anticipate that Red Cat Holdings, Inc. will post -0.78 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RCAT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research report on Friday, July 17th. Wall Street Zen lowered shares of Red Cat from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. Needham & Company LLC reduced their price objective on Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. UBS Group began coverage on Red Cat in a report on Wednesday, May 27th. They issued a “buy” rating on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $20.00 price objective on shares of Red Cat in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $20.40.

View Our Latest Research Report on Red Cat

Insider Transactions at Red Cat

In related news, Director Paul Funk II sold 165,028 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $11.50, for a total transaction of $1,897,822.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $10.63, for a total value of $584,650.00. Following the transaction, the director directly owned 489,874 shares of the company’s stock, valued at $5,207,360.62. The trade was a 10.09% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 240,028 shares of company stock worth $2,692,672. Company insiders own 12.50% of the company’s stock.

About Red Cat

(Free Report)

Red Cat Holdings, Inc (NASDAQ: RCAT) is a technology holding company that develops and delivers advanced robotics, autonomy, and sensing solutions for defense, national security, public safety and commercial customers. Headquartered in American Fork, Utah, the company brings together a portfolio of specialized operating businesses focused on unmanned aerial systems (UAS), mission management software, precision mapping sensors and engineering services.

Through its UAS segment, Red Cat designs and manufactures small to medium-sized fixed-wing and vertical-takeoff drones that support intelligence, surveillance and reconnaissance (ISR) missions.

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