Red Cat (NASDAQ:RCAT) Stock Price Up 6.5% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares were up 6.5% on Thursday . The stock traded as high as $13.13 and last traded at $12.94. Approximately 15,011,569 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 16,589,801 shares. The stock had previously closed at $12.15.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Red Cat from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. Needham & Company LLC lifted their target price on shares of Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, March 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. LADENBURG THALM/SH SH lifted their target price on shares of Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Finally, Northland Securities set a $22.00 price target on Red Cat in a research report on Tuesday, January 20th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $20.67.

Red Cat Stock Up 6.5%

The firm has a market cap of $1.57 billion, a PE ratio of -17.25 and a beta of 1.45. The business has a 50-day moving average price of $13.91 and a two-hundred day moving average price of $11.43.

Red Cat (NASDAQ:RCAT) last released its earnings results on Wednesday, March 18th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). Red Cat had a negative net margin of 176.96% and a negative return on equity of 38.86%. The company had revenue of $26.24 million during the quarter, compared to analysts’ expectations of $24.50 million. On average, equities research analysts predict that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional Trading of Red Cat

A number of large investors have recently made changes to their positions in the company. Arizona State Retirement System lifted its stake in Red Cat by 3.0% in the fourth quarter. Arizona State Retirement System now owns 29,311 shares of the company’s stock worth $232,000 after acquiring an additional 855 shares during the last quarter. VestGen Advisors LLC increased its position in shares of Red Cat by 4.9% in the 2nd quarter. VestGen Advisors LLC now owns 23,625 shares of the company’s stock valued at $172,000 after purchasing an additional 1,097 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Red Cat by 0.7% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 167,084 shares of the company’s stock valued at $1,325,000 after purchasing an additional 1,147 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of Red Cat by 5.3% during the 3rd quarter. Advisory Services Network LLC now owns 30,200 shares of the company’s stock worth $313,000 after purchasing an additional 1,507 shares during the last quarter. Finally, AlphaQuest LLC lifted its position in shares of Red Cat by 17.4% during the 3rd quarter. AlphaQuest LLC now owns 10,839 shares of the company’s stock worth $112,000 after purchasing an additional 1,608 shares during the last quarter. 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.