Red Cat (NASDAQ:RCAT) Shares Up 2.3% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) was up 2.3% during mid-day trading on Monday . The stock traded as high as $15.79 and last traded at $14.84. Approximately 27,275,470 shares traded hands during trading, an increase of 77% from the average daily volume of 15,452,740 shares. The stock had previously closed at $14.50.

Wall Street Analyst Weigh In

Several analysts have commented on RCAT shares. UBS Group initiated coverage on shares of Red Cat in a report on Wednesday, May 27th. They issued a “buy” rating for the company. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a report on Wednesday, May 6th. Needham & Company LLC increased their target price on Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research note on Tuesday, April 21st. Finally, HC Wainwright assumed coverage on Red Cat in a research report on Wednesday, May 27th. They set a “buy” rating and a $20.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $21.40.

Red Cat Stock Performance

The business’s 50-day moving average is $11.94 and its 200-day moving average is $11.48. The company has a market capitalization of $1.83 billion, a PE ratio of -21.36 and a beta of 1.23.

Red Cat (NASDAQ:RCAT) last announced 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). Red Cat had a negative return on equity of 35.86% and a negative net margin of 138.36%.The business had revenue of $15.47 million during the quarter, compared to analysts’ expectations of $17.63 million. The business’s revenue was up 849.1% compared to the same quarter last year. Analysts expect that Red Cat Holdings, Inc. will post -0.69 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RCAT. State Street Corp grew its stake in shares of 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 during the last quarter. Brevan Howard Capital Management LP purchased a new position in shares of Red Cat in the 3rd quarter worth about $19,739,000. Vanguard Group Inc. grew its position in Red Cat by 43.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,506,377 shares of the company’s stock valued at $56,991,000 after purchasing an additional 1,680,929 shares during the last quarter. Davidson Kempner Capital Management LP bought a new stake in Red Cat during the 3rd quarter valued at about $17,286,000. Finally, Renaissance Technologies LLC bought a new stake in Red Cat during the 1st quarter valued at about $18,533,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

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.