Legal & General Group Plc Invests $1.23 Million in Red Cat Holdings, Inc. $RCAT

Legal & General Group Plc purchased a new position in shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 115,645 shares of the company’s stock, valued at approximately $1,232,000. Legal & General Group Plc owned approximately 0.09% of Red Cat as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RCAT. IFP Advisors Inc increased its position in 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 period. Allworth Financial LP purchased a new stake in shares of Red Cat in the second quarter valued at approximately $28,000. Fifth Third Bancorp acquired a new position in Red Cat during the first quarter worth $33,000. California State Teachers Retirement System acquired a new position in Red Cat during the second quarter worth $34,000. Finally, NFSG Corp raised its position in Red Cat by 200.0% in the first quarter. NFSG Corp now owns 3,000 shares of the company’s stock worth $39,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 37.97% of the company’s stock.

Red Cat Price Performance

RCAT stock opened at $8.37 on Monday. The company’s 50 day simple moving average is $8.98 and its 200-day simple moving average is $11.21. The firm has a market capitalization of $1.03 billion, a PE ratio of -10.33 and a beta of 1.35. Red Cat Holdings, Inc. has a 12 month low of $5.77 and a 12 month high of $18.78.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.05). Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%.The company had revenue of $20.20 million for the quarter, compared to analyst estimates of $22.65 million. As a group, sell-side analysts anticipate that Red Cat Holdings, Inc. will post -0.77 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on RCAT. HC Wainwright reissued a “buy” rating and issued a $20.00 target price on shares of Red Cat in a report on Friday, August 7th. UBS Group assumed coverage on shares of Red Cat in a report on Wednesday, May 27th. They issued a “buy” rating for the company. Roth Capital initiated coverage on shares of Red Cat in a research note on Monday, June 1st. They issued a “buy” rating and a $25.00 price objective for the company. Needham & Company LLC decreased their price objective on shares of Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Finally, Wall Street Zen lowered shares of Red Cat from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

Insiders Place Their Bets

In other news, Director Christopher R. Moe sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $10.51, for a total value of $210,200.00. Following the completion of the transaction, the director owned 200,502 shares of the company’s stock, valued at $2,107,276.02. The trade was a 9.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $10.63, for a total transaction of $584,650.00. Following the transaction, the director directly owned 489,874 shares in the company, valued at $5,207,360.62. The trade was a 10.09% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 240,028 shares of company stock valued at $2,692,672. Corporate insiders own 12.50% of the company’s stock.

Red Cat Company Profile

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.