Red Cat (NASDAQ:RCAT) Stock Price Down 10.5% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) traded down 10.5% during trading on Thursday . The company traded as low as $10.84 and last traded at $11.31. 10,956,859 shares were traded during trading, a decline of 29% from the average session volume of 15,533,849 shares. The stock had previously closed at $12.63.

Analyst Upgrades and Downgrades

RCAT has been the subject of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Needham & Company LLC lifted their price target on shares of Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Finally, Northland Securities set a $22.00 target price on Red Cat in a report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $19.00.

Red Cat Stock Performance

The firm has a fifty day moving average of $10.63 and a 200 day moving average of $10.17. The firm has a market capitalization of $1.35 billion, a PE ratio of -25.70 and a beta of 1.50.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.09). The firm had revenue of $9.65 million for the quarter, compared to the consensus estimate of $8.18 million. Research analysts forecast that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its position in shares of Red Cat by 181.1% in 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 third 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. Bank of America Corp DE grew its stake in Red Cat by 407.0% in the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after purchasing an additional 2,727 shares in the last quarter. Global Retirement Partners LLC bought a new stake in Red Cat in the third quarter valued at about $36,000. Finally, Penserra Capital Management LLC acquired a new stake in Red Cat during the third quarter valued at approximately $46,000. 37.97% of the stock is currently owned by institutional investors.

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.