Red Cat (NASDAQ:RCAT) Stock Price Up 6% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price was up 6% during mid-day trading on Tuesday . The stock traded as high as $6.22 and last traded at $6.24. Approximately 3,507,097 shares traded hands during trading, a decline of 12% from the average daily volume of 3,995,277 shares. The stock had previously closed at $5.88.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RCAT. Northland Securities began coverage on Red Cat in a report on Tuesday, March 11th. They issued an “outperform” rating and a $13.00 price target for the company. Northland Capmk upgraded Red Cat to a “strong-buy” rating in a research note on Monday, March 10th.

Red Cat Stock Up 8.7 %

The stock’s fifty day moving average is $7.34 and its two-hundred day moving average is $6.82. The company has a current ratio of 1.43, a quick ratio of 0.60 and a debt-to-equity ratio of 0.30. The firm has a market cap of $547.09 million, a P/E ratio of -11.83 and a beta of 1.32.

Hedge Funds Weigh In On Red Cat

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Silver Oak Securities Incorporated boosted its position in shares of Red Cat by 502.3% during the 4th quarter. Silver Oak Securities Incorporated now owns 60,755 shares of the company’s stock valued at $856,000 after acquiring an additional 50,668 shares during the last quarter. N.E.W. Advisory Services LLC purchased a new stake in Red Cat in the fourth quarter valued at approximately $423,000. Centiva Capital LP bought a new stake in Red Cat during the third quarter valued at approximately $207,000. Wolverine Trading LLC purchased a new position in Red Cat in the 3rd quarter worth approximately $233,000. Finally, State Street Corp increased its holdings in shares of Red Cat by 44.9% in the 3rd quarter. State Street Corp now owns 221,958 shares of the company’s stock worth $564,000 after buying an additional 68,800 shares during the last quarter. 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.