Red Cat (NASDAQ:RCAT) Stock Price Up 1.1% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT) shot up 1.1% during mid-day trading on Friday . The stock traded as high as $11.77 and last traded at $11.37. 5,975,665 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 14,037,737 shares. The stock had previously closed at $11.25.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RCAT shares. Needham & Company LLC increased their target price on Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research report on Thursday, December 18th. Northland Securities set a $22.00 target price on shares of Red Cat in a research note on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $19.00.

Red Cat Stock Up 1.1%

The stock has a market capitalization of $1.36 billion, a P/E ratio of -25.84 and a beta of 1.50. The firm’s 50-day simple moving average is $11.21 and its 200 day simple moving average is $10.28.

Red Cat (NASDAQ:RCAT) last released its earnings results on Thursday, November 13th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.09). The company had revenue of $9.65 million for the quarter, compared to analyst estimates of $8.18 million. As a group, equities analysts anticipate that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Trading of Red Cat

Several hedge funds and other institutional investors have recently modified their holdings of RCAT. State Street Corp grew its position in Red Cat by 136.4% in the fourth quarter. State Street Corp now owns 6,612,153 shares of the company’s stock worth $52,434,000 after acquiring an additional 3,815,310 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Red Cat by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock valued at $47,580,000 after buying an additional 493,660 shares during the period. Geode Capital Management LLC grew its holdings in shares of Red Cat by 13.4% during the 4th quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company’s stock worth $19,991,000 after purchasing an additional 297,967 shares in the last quarter. AWM Investment Company Inc. increased its holdings in Red Cat by 15.3% in the 2nd quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock valued at $14,834,000 after buying an additional 269,942 shares during the period. Finally, Brevan Howard Capital Management LP bought a new position in Red Cat during the third quarter worth about $19,739,000. 37.97% of the stock is currently owned by hedge funds and other 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.