358,352 Shares in Red Cat Holdings, Inc. $RCAT Bought by Empowered Funds LLC

Empowered Funds LLC acquired a new stake in shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) in the second quarter, HoldingsChannel reports. The fund acquired 358,352 shares of the company’s stock, valued at approximately $3,816,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allworth Financial LP acquired a new position in Red Cat in the 2nd quarter worth about $28,000. IFP Advisors Inc raised its stake in shares of Red Cat by 181.1% during the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after purchasing an additional 1,720 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of Red Cat during the 1st quarter worth about $33,000. California State Teachers Retirement System acquired a new stake in shares of Red Cat during the 2nd quarter valued at about $34,000. Finally, NFSG Corp lifted its holdings in shares of Red Cat by 200.0% during the 1st quarter. NFSG Corp now owns 3,000 shares of the company’s stock valued at $39,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Insider Activity at Red Cat

In related news, Director Paul Funk II sold 165,028 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $11.50, for a total transaction of $1,897,822.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christopher R. Moe sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $10.51, for a total value of $210,200.00. Following the completion of the sale, the director directly owned 200,502 shares in the company, valued at $2,107,276.02. This trade represents a 9.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 240,028 shares of company stock worth $2,692,672 in the last 90 days. 12.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. HC Wainwright restated a “buy” rating and issued a $20.00 price objective on shares of Red Cat in a report on Friday, August 7th. Roth Capital began coverage on shares of Red Cat in a research note on Monday, June 1st. They issued a “buy” rating and a $25.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research report on Friday, July 17th. Needham & Company LLC cut their price target on shares of Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, August 7th. Finally, LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a research note on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $19.50.

Red Cat Price Performance

Red Cat stock opened at $8.25 on Wednesday. Red Cat Holdings, Inc. has a fifty-two week low of $5.77 and a fifty-two week high of $18.78. The firm has a fifty day moving average price of $9.02 and a two-hundred day moving average price of $11.27. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -10.19 and a beta of 1.35.

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

Red Cat 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.