Pekin Hardy Strauss Inc. Has $164,000 Position in Red Cat Holdings, Inc. $RCAT

Pekin Hardy Strauss Inc. lessened its stake in Red Cat Holdings, Inc. (NASDAQ:RCAT) by 30.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 22,500 shares of the company’s stock after selling 10,000 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Red Cat were worth $164,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its stake in shares of Red Cat by 28.7% in the first quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company’s stock worth $1,565,000 after acquiring an additional 59,334 shares during the last quarter. Toth Financial Advisory Corp purchased a new position in Red Cat in the second quarter valued at about $202,000. Moors & Cabot Inc. increased its position in Red Cat by 65.6% in the 2nd quarter. Moors & Cabot Inc. now owns 280,825 shares of the company’s stock worth $2,044,000 after purchasing an additional 111,225 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in Red Cat by 66.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 195,225 shares of the company’s stock worth $1,148,000 after purchasing an additional 77,630 shares during the last quarter. Finally, Truist Financial Corp purchased a new stake in shares of Red Cat during the 2nd quarter worth about $167,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Red Cat Stock Up 7.7%

Shares of RCAT stock opened at $9.28 on Friday. Red Cat Holdings, Inc. has a 12 month low of $3.41 and a 12 month high of $16.70. The company has a market cap of $1.10 billion, a PE ratio of -20.17 and a beta of 1.45. The business’s 50 day moving average is $11.03 and its two-hundred day moving average is $8.92.

Insider Transactions at Red Cat

In related news, Director Christopher R. Moe sold 30,000 shares of Red Cat stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $10.11, for a total value of $303,300.00. Following the transaction, the director owned 73,073 shares in the company, valued at $738,768.03. This trade represents a 29.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 86,833 shares of company stock valued at $861,560. Company insiders own 15.30% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Wall Street Zen cut Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Northland Securities set a $16.00 target price on shares of Red Cat in a research report on Friday, August 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research note on Wednesday, October 8th. Needham & Company LLC started coverage on shares of Red Cat in a report on Friday, October 3rd. They set a “buy” rating and a $17.00 price target on the stock. Finally, LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a report on Thursday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Red Cat presently has a consensus rating of “Buy” and a consensus target price of $16.50.

Red Cat Company Profile

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.