Red Cat (NASDAQ:RCAT) Trading Up 11.2% – Here’s What Happened
by Amy Steele · The Cerbat GemShares of Red Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report) rose 11.2% on Thursday . The company traded as high as $18.02 and last traded at $17.36. Approximately 23,355,225 shares were traded during trading, an increase of 31% from the average daily volume of 17,868,811 shares. The stock had previously closed at $15.61.
Analysts Set New Price Targets
A number of analysts recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a report on Thursday. Northland Securities set a $22.00 price target on shares of Red Cat in a research report on Tuesday. Wall Street Zen lowered Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Needham & Company LLC raised their price objective on Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Finally, LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Red Cat presently has a consensus rating of “Buy” and a consensus price target of $19.00.
Get Our Latest Analysis on RCAT
Red Cat Stock Performance
The company’s fifty day moving average price is $9.42 and its two-hundred day moving average price is $9.89. The firm has a market capitalization of $1.92 billion, a PE ratio of -36.50 and a beta of 1.48.
Red Cat (NASDAQ:RCAT – Get Free Report) last issued its earnings results on Thursday, November 13th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The company had revenue of $9.65 million during the quarter, compared to analyst estimates of $8.18 million. On average, equities analysts expect that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current year.
Institutional Investors Weigh In On Red Cat
Several hedge funds and other institutional investors have recently bought and sold shares of the business. IFP Advisors Inc raised its stake in Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock valued at $28,000 after buying an additional 1,720 shares in the last quarter. Montag A & Associates Inc. increased its holdings in shares of Red Cat by 552.0% in the 3rd quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after acquiring an additional 2,760 shares during the last quarter. California State Teachers Retirement System acquired a new stake in shares of Red Cat during the 2nd quarter valued at approximately $34,000. Global Retirement Partners LLC bought a new position in Red Cat during the third quarter worth $36,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Red Cat by 28,681.0% in the second quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company’s stock worth $44,000 after purchasing an additional 6,023 shares during the period. 37.97% of the stock is currently owned by hedge funds and other institutional investors.
Red Cat Company Profile
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.