Red Cat (NASDAQ:RCAT) Shares Down 9.4% – Time to Sell?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares were down 9.4% during trading on Friday . The company traded as low as $12.59 and last traded at $12.68. Approximately 11,394,906 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 16,722,244 shares. The stock had previously closed at $14.00.

Analysts Set New Price Targets

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

Red Cat Stock Performance

The firm has a market capitalization of $1.54 billion, a P/E ratio of -16.91 and a beta of 1.53. The firm has a 50 day moving average price of $14.07 and a two-hundred day moving average price of $11.34.

Red Cat (NASDAQ:RCAT) last announced 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 return on equity of 38.86% and a negative net margin of 176.96%.The company had revenue of $26.24 million for the quarter, compared to analyst estimates of $24.50 million. Equities research analysts forecast that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional Trading of Red Cat

Institutional investors and hedge funds have recently bought and sold shares of the stock. Arizona State Retirement System lifted its holdings in shares of Red Cat by 3.0% in the fourth quarter. Arizona State Retirement System now owns 29,311 shares of the company’s stock valued at $232,000 after purchasing an additional 855 shares in the last quarter. VestGen Advisors LLC lifted its position in Red Cat by 4.9% in the 2nd quarter. VestGen Advisors LLC now owns 23,625 shares of the company’s stock worth $172,000 after buying an additional 1,097 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Red Cat by 0.7% during 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 buying an additional 1,147 shares during the period. Advisory Services Network LLC grew its holdings 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 valued at $313,000 after acquiring an additional 1,507 shares in the last quarter. Finally, AlphaQuest LLC grew its holdings in shares of Red Cat by 17.4% during the 3rd quarter. AlphaQuest LLC now owns 10,839 shares of the company’s stock valued at $112,000 after acquiring an additional 1,608 shares in the last quarter. Institutional investors and hedge funds own 37.97% of the company’s stock.

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.