Red Cat (NASDAQ:RCAT) Coverage Initiated at HC Wainwright

Investment analysts at HC Wainwright began coverage on shares of Red Cat (NASDAQ:RCAT) in a report issued on Wednesday, Marketbeat.com reports. The firm set a “buy” rating and a $20.00 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 104.71% from the company’s previous close.

Several other equities analysts have also recently commented on RCAT. LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a research report on Wednesday, May 6th. Needham & Company LLC increased their price target on shares of Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Clear Str raised shares of Red Cat to a “strong-buy” rating in a research report on Wednesday, April 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research report on Tuesday, April 21st. Finally, Wall Street Zen cut shares of Red Cat from a “hold” rating to a “sell” rating in a research report on Saturday, May 2nd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $20.50.

Red Cat Price Performance

NASDAQ:RCAT opened at $9.77 on Wednesday. The firm has a 50-day moving average of $12.15 and a two-hundred day moving average of $11.35. The stock has a market cap of $1.20 billion, a P/E ratio of -13.96 and a beta of 1.21. Red Cat has a 1-year low of $5.71 and a 1-year high of $18.78.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The firm had revenue of $15.47 million during the quarter, compared to analysts’ expectations of $17.63 million. Red Cat had a negative net margin of 138.36% and a negative return on equity of 35.86%. Red Cat’s quarterly revenue was up 849.1% on a year-over-year basis. As a group, equities analysts expect that Red Cat will post -0.65 earnings per share for the current year.

Hedge Funds Weigh In On Red Cat

Several large investors have recently modified their holdings of the stock. State Street Corp raised its stake in Red Cat by 136.4% during 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 during the period. Vanguard Group Inc. raised its stake in Red Cat by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock worth $47,580,000 after acquiring an additional 493,660 shares during the period. Geode Capital Management LLC raised its stake in Red Cat by 13.4% during the fourth quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company’s stock worth $19,991,000 after acquiring an additional 297,967 shares during the period. Brevan Howard Capital Management LP acquired a new stake in Red Cat during the third quarter worth about $19,739,000. Finally, Davidson Kempner Capital Management LP acquired a new stake in Red Cat during the third quarter worth about $17,286,000. Institutional investors 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.