Red Cat (NASDAQ:RCAT) Trading Down 2% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price was down 2% on Tuesday . The company traded as low as $12.43 and last traded at $12.64. Approximately 8,273,198 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 16,005,455 shares. The stock had previously closed at $12.90.

Analyst Ratings Changes

A number of analysts have weighed in on RCAT shares. Wall Street Zen raised Red Cat from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Northland Securities set a $22.00 price target on Red Cat in a research report on Tuesday, January 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. LADENBURG THALM/SH SH boosted their price target on Red Cat from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC boosted their price target on Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.67.

Red Cat Stock Down 2.0%

The company has a market cap of $1.53 billion, a price-to-earnings ratio of -16.85 and a beta of 1.46. The business has a 50-day simple moving average of $13.50 and a two-hundred day simple moving average of $11.54.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data 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). 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 for the quarter, compared to analyst estimates of $24.50 million. As a group, equities analysts anticipate that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On Red Cat

Several large investors have recently made changes to their positions in RCAT. IFP Advisors Inc lifted its position in shares of Red Cat by 181.1% during the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after purchasing an additional 1,720 shares during the last quarter. Montag A & Associates Inc. lifted its position in shares of Red Cat by 552.0% during the 3rd quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock worth $34,000 after purchasing an additional 2,760 shares during the last quarter. California State Teachers Retirement System acquired a new position in shares of Red Cat during the 2nd quarter worth about $34,000. Global Retirement Partners LLC acquired a new position in shares of Red Cat during the 3rd quarter worth about $36,000. Finally, N.E.W. Advisory Services LLC lifted its position in shares of Red Cat by 163.5% during the 4th quarter. N.E.W. Advisory Services LLC now owns 5,356 shares of the company’s stock worth $42,000 after purchasing an additional 3,323 shares during the last quarter. Institutional investors and hedge funds 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.