Red Cat (NASDAQ:RCAT) Stock Price Down 8.6% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price traded down 8.6% during mid-day trading on Monday . The company traded as low as $11.18 and last traded at $11.59. 15,287,313 shares changed hands during trading, a decline of 8% from the average session volume of 16,686,357 shares. The stock had previously closed at $12.68.

Analysts Set New Price Targets

A number of equities analysts have commented on RCAT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Needham & Company LLC upped their target price on shares of Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. LADENBURG THALM/SH SH increased 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. Northland Securities set a $22.00 price objective on Red Cat in a research note on Tuesday, January 20th. Finally, Wall Street Zen upgraded Red Cat from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.67.

Red Cat Stock Down 7.2%

The firm’s 50 day simple moving average is $13.98 and its 200 day simple moving average is $11.43. The company has a market capitalization of $1.47 billion, a PE ratio of -16.20 and a beta of 1.53.

Red Cat (NASDAQ:RCAT) last announced its earnings results on Wednesday, March 18th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The firm had revenue of $26.24 million during the quarter, compared to analysts’ expectations of $24.50 million. Red Cat had a negative net margin of 176.96% and a negative return on equity of 38.86%. As a group, sell-side analysts predict that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Trading of Red Cat

Several institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Red Cat by 136.4% during the fourth quarter. State Street Corp now owns 6,612,153 shares of the company’s stock valued at $52,434,000 after buying an additional 3,815,310 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Red Cat by 9.0% during the 4th quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock valued at $47,580,000 after acquiring an additional 493,660 shares during the period. Geode Capital Management LLC boosted its holdings in Red Cat by 13.4% during the 4th quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company’s stock valued at $19,991,000 after acquiring an additional 297,967 shares during the period. AWM Investment Company Inc. grew its position in Red Cat by 15.3% in the 2nd quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock valued at $14,834,000 after acquiring an additional 269,942 shares during the last quarter. Finally, Brevan Howard Capital Management LP bought a new position in Red Cat in the 3rd quarter valued at $19,739,000. 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.