Red Cat (NASDAQ:RCAT) Shares Down 8.2% – Here’s Why
by Tristan Rich · The Markets DailyRed Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report)’s share price traded down 8.2% on Monday . The stock traded as low as $13.70 and last traded at $14.10. 32,420,031 shares changed hands during mid-day trading, an increase of 105% from the average session volume of 15,807,660 shares. The stock had previously closed at $15.36.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 target price on shares of Red Cat in a report on Monday, March 2nd. LADENBURG THALM/SH SH upped their price target on shares of Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. Finally, Northland Securities set a $22.00 target price on shares of Red Cat in a report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.33.
View Our Latest Analysis on RCAT
Red Cat Stock Performance
The firm has a market capitalization of $1.68 billion, a P/E ratio of -32.05 and a beta of 1.53. The firm has a 50 day moving average price of $12.73 and a two-hundred day moving average price of $10.75.
Institutional Trading of Red Cat
A number of hedge funds have recently bought and sold shares of the company. Bank of America Corp DE grew its position in Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after purchasing an additional 2,727 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Red Cat by 76.4% in the 1st quarter. Royal Bank of Canada now owns 57,800 shares of the company’s stock valued at $340,000 after buying an additional 25,031 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Red Cat by 63.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 229,259 shares of the company’s stock worth $1,348,000 after purchasing an additional 89,095 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Red Cat by 28.7% during the first quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company’s stock valued at $1,565,000 after buying an additional 59,334 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Red Cat by 31.1% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,704 shares of the company’s stock worth $1,148,000 after buying an additional 37,407 shares during the last quarter. 37.97% of the stock is owned by hedge funds and other institutional investors.
About Red Cat
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.