Red Cat Holdings, Inc. (NASDAQ:RCAT) Stock Has Consensus Price Target of $16.71 According to Analysts

Red Cat Holdings, Inc. (NASDAQ:RCAT) has received an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $16.71.

RCAT has been the subject of a number of recent research reports. Evercore began coverage on Red Cat in a research report on Monday, August 31st. They set an “outperform” rating and a $15.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a report on Friday, July 17th. Northland Securities set a $13.00 price objective on shares of Red Cat in a research report on Thursday, September 17th. HC Wainwright restated a “buy” rating and set a $20.00 target price on shares of Red Cat in a report on Friday, August 7th. Finally, Needham & Company LLC decreased their target price on shares of Red Cat from $20.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, August 7th.

Red Cat Price Performance

Shares of Red Cat stock opened at $6.33 on Tuesday. The firm has a market cap of $776.94 million, a price-to-earnings ratio of -7.81 and a beta of 1.52. The stock’s 50-day moving average is $8.29 and its 200-day moving average is $10.34. Red Cat has a one year low of $5.77 and a one year high of $18.78.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%.The firm had revenue of $20.20 million for the quarter, compared to the consensus estimate of $22.65 million. On average, equities analysts expect that Red Cat will post -0.79 EPS for the current year.

Insiders Place Their Bets

In other Red Cat news, Director Nicholas Liuzza, Jr. sold 55,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $10.63, for a total transaction of $584,650.00. Following the sale, the director directly owned 489,874 shares of the company’s stock, valued at $5,207,360.62. The trade was a 10.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Christopher Moe sold 20,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $10.51, for a total transaction of $210,200.00. Following the transaction, the director owned 200,502 shares of the company’s stock, valued at approximately $2,107,276.02. This represents a 9.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 225,000 shares of company stock valued at $1,955,850 in the last three months. 12.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in shares of Red Cat in the second quarter valued at approximately $119,610,000. State Street Corp lifted its holdings in Red Cat by 68.8% during the 2nd quarter. State Street Corp now owns 12,091,447 shares of the company’s stock valued at $128,774,000 after purchasing an additional 4,928,540 shares during the last quarter. Van ECK Associates Corp bought a new position in Red Cat during the second quarter worth $27,193,000. Renaissance Technologies LLC bought a new position in Red Cat during the first quarter worth $18,533,000. Finally, CenterBook Partners LP increased its holdings in shares of Red Cat by 1,872.4% in the fourth quarter. CenterBook Partners LP now owns 1,105,132 shares of the company’s stock valued at $8,764,000 after purchasing an additional 1,049,101 shares during the last quarter. 37.97% of the stock is owned by institutional investors and hedge funds.

About Red Cat

Red Cat Holdings, Inc is a drone technology company that develops and supplies small unmanned aircraft systems for military, government, public safety and commercial applications. Its solutions are designed to support intelligence, surveillance and reconnaissance, situational awareness, and other missions requiring portable and rapidly deployable aerial systems.

Through its Teal Drones business, Red Cat offers the Teal 2 and related Black Widow systems, compact drones designed for defense and public-safety users.