Red Cat (NASDAQ:RCAT) Shares Up 7%

Red Cat Holdings, Inc. (NASDAQ:RCAT) shot up 7% during mid-day trading on Thursday . The stock traded as high as $3.27 and last traded at $3.19. 1,552,745 shares were traded during trading, an increase of 122% from the average session volume of 700,007 shares. The stock had previously closed at $2.98.

Analyst Ratings Changes

Separately, LADENBURG THALM/SH SH began coverage on Red Cat in a report on Friday, June 14th. They issued a “buy” rating and a $4.00 price target on the stock.

Red Cat Stock Performance

The firm’s 50 day simple moving average is $1.87 and its 200-day simple moving average is $1.26. The company has a market capitalization of $236.22 million, a price-to-earnings ratio of -6.12 and a beta of -0.09.

Red Cat (NASDAQ:RCAT) last announced its earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter. Red Cat had a negative net margin of 134.84% and a negative return on equity of 45.56%. The firm had revenue of $6.31 million for the quarter. As a group, equities analysts anticipate that Red Cat Holdings, Inc. will post -0.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Red Cat

Several institutional investors and hedge funds have recently modified their holdings of the stock. PVG Asset Management Corp purchased a new position in shares of Red Cat during the 2nd quarter valued at $63,000. XTX Topco Ltd boosted its holdings in Red Cat by 390.9% in the second quarter. XTX Topco Ltd now owns 58,895 shares of the company’s stock worth $68,000 after purchasing an additional 46,897 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Red Cat in the second quarter worth $267,000. AIGH Capital Management LLC bought a new stake in Red Cat in the fourth quarter worth $4,423,000. Finally, Worth Venture Partners LLC bought a new stake in Red Cat in the fourth quarter worth $1,101,000. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

About Red Cat

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.