Red Cat (NASDAQ:RCAT) Stock Price Down 9.6% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price fell 9.6% during mid-day trading on Friday . The company traded as low as $13.00 and last traded at $13.50. 10,700,157 shares traded hands during trading, a decline of 35% from the average session volume of 16,386,600 shares. The stock had previously closed at $14.93.

Wall Street Analyst Weigh In

RCAT has been the topic of a number of research reports. Northland Securities set a $22.00 target price on shares of Red Cat in a research note on Tuesday, January 20th. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. Finally, Needham & Company LLC raised their target price on Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $19.00.

Red Cat Stock Performance

The stock has a market capitalization of $1.61 billion, a P/E ratio of -30.68 and a beta of 1.48. The business has a 50-day moving average price of $10.26 and a 200 day moving average price of $10.13.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.09). The company had revenue of $9.65 million during the quarter, compared to the consensus estimate of $8.18 million. As a group, research analysts forecast that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Red Cat

A number of hedge funds have recently bought and sold shares of the company. Arizona State Retirement System increased its stake in Red Cat by 3.0% during the 4th 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 grew its holdings in shares of Red Cat by 4.9% during the second quarter. VestGen Advisors LLC now owns 23,625 shares of the company’s stock valued at $172,000 after buying an additional 1,097 shares during the last quarter. Advisory Services Network LLC increased its position in shares of Red Cat by 5.3% during the third 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. AlphaQuest LLC increased its position in shares of Red Cat by 17.4% during the third 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. Finally, IFP Advisors Inc raised its holdings in Red Cat by 181.1% in the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after acquiring an additional 1,720 shares during the last quarter. 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.