Red Cat (NASDAQ:RCAT) Trading Up 2.6% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) was up 2.6% during mid-day trading on Monday . The company traded as high as $13.01 and last traded at $12.79. 7,818,852 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 13,444,496 shares. The stock had previously closed at $12.47.

Analyst Upgrades and Downgrades

RCAT has been the subject of a number of analyst reports. LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a research report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Needham & Company LLC lifted their target price on Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Finally, Northland Securities set a $22.00 price target on Red Cat in a research report on Tuesday, January 20th. 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $19.00.

Red Cat Trading Up 2.5%

The firm’s 50 day moving average price is $11.64 and its two-hundred day moving average price is $10.44. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of -29.05 and a beta of 1.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. IFP Advisors Inc increased its holdings in shares of Red Cat by 181.1% during the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after acquiring an additional 1,720 shares during the last quarter. Montag A & Associates Inc. boosted its position in 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 period. California State Teachers Retirement System acquired a new position in shares of Red Cat in the second quarter valued at $34,000. Global Retirement Partners LLC acquired a new position in shares of Red Cat in the third quarter valued at $36,000. Finally, N.E.W. Advisory Services LLC raised its position in shares of Red Cat by 163.5% in the fourth quarter. N.E.W. Advisory Services LLC now owns 5,356 shares of the company’s stock valued at $42,000 after purchasing an additional 3,323 shares during the period. 37.97% of the stock is currently owned by institutional investors.

About Red Cat

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.