Red Cat (NASDAQ:RCAT) Shares Up 9.1% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price was up 9.1% during trading on Thursday . The stock traded as high as $8.30 and last traded at $8.2340. Approximately 3,464,176 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 8,748,828 shares. The stock had previously closed at $7.55.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RCAT shares. LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a research note on Thursday, October 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research report on Wednesday, October 8th. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Northland Securities set a $16.00 target price on Red Cat in a research note on Friday, August 15th. Finally, Needham & Company LLC cut their price target on Red Cat from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, November 14th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Red Cat currently has an average rating of “Buy” and a consensus target price of $14.00.

Red Cat Stock Up 9.2%

The firm has a market capitalization of $983.73 million, a P/E ratio of -18.87 and a beta of 1.48. The business has a 50-day moving average price of $10.12 and a 200-day moving average price of $9.13.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The business had revenue of $9.65 million for the quarter, compared to analysts’ expectations of $8.18 million. As a group, sell-side analysts forecast that Red Cat Holdings, Inc. will post -0.5 EPS for the current year.

Insider Transactions at Red Cat

In other Red Cat news, Director Christopher R. Moe sold 30,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $10.11, for a total transaction of $303,300.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 60,000 shares of company stock valued at $611,000 over the last three months. Corporate insiders own 15.30% of the company’s stock.

Hedge Funds Weigh In On Red Cat

A number of hedge funds have recently modified their holdings of RCAT. IFP Advisors Inc boosted its stake in Red Cat by 181.1% in the 3rd 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. boosted its position in Red Cat by 552.0% in the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after buying an additional 2,760 shares in the last quarter. California State Teachers Retirement System acquired a new position in Red Cat in the second quarter valued at about $34,000. Global Retirement Partners LLC bought a new stake in Red Cat during the third quarter worth about $36,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Red Cat by 28,681.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company’s stock worth $44,000 after buying an additional 6,023 shares in the last quarter. 37.97% of the stock is owned by institutional investors and hedge funds.

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.