Renaissance Technologies LLC Makes New Investment in Red Cat Holdings, Inc. $RCAT

Renaissance Technologies LLC acquired a new stake in Red Cat Holdings, Inc. (NASDAQ:RCAT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,415,826 shares of the company’s stock, valued at approximately $18,533,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc boosted its stake 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 acquiring an additional 1,720 shares during the period. Fifth Third Bancorp bought a new stake in Red Cat in the 1st quarter valued at $33,000. California State Teachers Retirement System bought a new stake in Red Cat in the 2nd quarter valued at $34,000. NFSG Corp raised its stake in Red Cat by 200.0% in the 1st quarter. NFSG Corp now owns 3,000 shares of the company’s stock valued at $39,000 after acquiring an additional 2,000 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Red Cat by 294.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,042 shares of the company’s stock valued at $40,000 after purchasing an additional 2,271 shares during the last quarter. Institutional investors own 37.97% of the company’s stock.

Insider Activity

In other news, Director Paul Funk II sold 165,028 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $11.50, for a total value of $1,897,822.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.50% of the company’s stock.

Red Cat Trading Up 9.0%

NASDAQ:RCAT opened at $7.38 on Friday. The stock has a 50 day simple moving average of $10.22 and a 200 day simple moving average of $12.02. The stock has a market cap of $905.82 million, a P/E ratio of -10.54 and a beta of 1.29. Red Cat Holdings, Inc. has a 1-year low of $5.77 and a 1-year high of $18.78.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The firm had revenue of $15.47 million during the quarter, compared to analyst estimates of $17.63 million. Red Cat had a negative net margin of 138.36% and a negative return on equity of 35.86%. The firm’s revenue for the quarter was up 849.1% on a year-over-year basis. As a group, sell-side analysts forecast that Red Cat Holdings, Inc. will post -0.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RCAT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research report on Friday, July 17th. UBS Group started coverage on shares of Red Cat in a research report on Wednesday, May 27th. They issued a “buy” rating on the stock. Roth Capital started coverage on shares of Red Cat in a research note on Monday, June 1st. They set a “buy” rating and a $25.00 target price for the company. Clear Str raised shares of Red Cat to a “strong-buy” rating in a report on Wednesday, April 29th. Finally, LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $21.40.

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.