Red Cat (NASDAQ:RCAT) Stock Price Down 8.5% – Should You Sell?
by Tristan Rich · The Markets DailyRed Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report)’s stock price dropped 8.5% on Thursday . The company traded as low as $11.76 and last traded at $11.93. Approximately 11,198,020 shares traded hands during trading, a decline of 32% from the average daily volume of 16,354,145 shares. The stock had previously closed at $13.04.
Analyst Upgrades and Downgrades
RCAT has been the subject of a number of analyst reports. Wall Street Zen raised Red Cat from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Northland Securities set a $22.00 price objective on Red Cat in a research note on Tuesday, January 20th. LADENBURG THALM/SH SH increased their price objective on Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Needham & Company LLC increased their price objective on Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, March 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Red Cat has a consensus rating of “Hold” and a consensus target price of $20.67.
Read Our Latest Report on Red Cat
Red Cat Price Performance
The business has a 50 day moving average of $13.60 and a 200 day moving average of $11.51. The company has a market cap of $1.45 billion, a PE ratio of -15.91 and a beta of 1.46.
Red Cat (NASDAQ:RCAT – Get Free Report) last announced its quarterly earnings results on Wednesday, March 18th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). Red Cat had a negative return on equity of 38.86% and a negative net margin of 176.96%.The business had revenue of $26.24 million during the quarter, compared to analysts’ expectations of $24.50 million. Sell-side analysts forecast that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.
Institutional Trading of Red Cat
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp lifted its stake in Red Cat by 136.4% in the fourth quarter. State Street Corp now owns 6,612,153 shares of the company’s stock worth $52,434,000 after acquiring an additional 3,815,310 shares during the period. Vanguard Group Inc. lifted its position in Red Cat by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock valued at $47,580,000 after buying an additional 493,660 shares during the period. Geode Capital Management LLC lifted its position in Red Cat by 13.4% during the fourth quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company’s stock valued at $19,991,000 after buying an additional 297,967 shares during the period. AWM Investment Company Inc. lifted its position in Red Cat by 15.3% during the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock valued at $14,834,000 after buying an additional 269,942 shares during the period. Finally, Brevan Howard Capital Management LP purchased a new position in Red Cat during the third quarter valued at $19,739,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.
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.