Mitsubishi UFJ Asset Management Co. Ltd. Invests $2.06 Million in Red Cat Holdings, Inc. $RCAT

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 193,260 shares of the company’s stock, valued at approximately $2,058,000.

A number of other institutional investors have also made changes to their positions in the stock. State Street Corp boosted its position 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 purchasing an additional 3,815,310 shares during the period. Vanguard Group Inc. raised its position in shares of Red Cat by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock valued at $47,580,000 after purchasing an additional 493,660 shares during the period. Geode Capital Management LLC raised its position in shares of Red Cat by 13.4% in the fourth quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company’s stock valued at $19,991,000 after purchasing an additional 297,967 shares during the period. Davidson Kempner Capital Management LP acquired a new stake in shares of Red Cat in the third quarter worth $17,286,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Red Cat in the first quarter worth $18,533,000. 37.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research note on Wednesday, May 6th. UBS Group assumed coverage on shares of Red Cat in a research report on Wednesday, May 27th. They set a “buy” rating for the company. Wall Street Zen cut shares of Red Cat from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price target on shares of Red Cat in a research report on Friday, August 7th. Finally, Clear Str upgraded Red Cat to a “strong-buy” rating in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $20.40.

Red Cat Trading Up 0.9%

Shares of Red Cat stock opened at $9.62 on Friday. Red Cat Holdings, Inc. has a 1 year low of $5.77 and a 1 year high of $18.78. The company’s fifty day simple moving average is $9.35 and its 200-day simple moving average is $11.48. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -11.88 and a beta of 1.31.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). Red Cat had a negative net margin of 136.26% and a negative return on equity of 32.25%. The company had revenue of $20.20 million during the quarter, compared to the consensus estimate of $22.65 million. As a group, research analysts forecast that Red Cat Holdings, Inc. will post -0.78 earnings per share for the current fiscal year.

Insider Activity at Red Cat

In related news, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $10.63, for a total value of $584,650.00. Following the completion of the sale, the director owned 489,874 shares in the company, valued at approximately $5,207,360.62. This trade represents a 10.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul Funk II sold 165,028 shares of Red Cat stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $11.50, for a total value of $1,897,822.00. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 240,028 shares of company stock worth $2,692,672. Company insiders own 12.50% 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.