Red Cat (NASDAQ:RCAT) Trading Up 10.5% – Here’s Why

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) were up 10.5% on Friday . The company traded as high as $7.95 and last traded at $7.9450. Approximately 3,607,103 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 8,609,765 shares. The stock had previously closed at $7.19.

Analyst Ratings Changes

RCAT has been the subject of several research analyst reports. LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a research note on Thursday, October 2nd. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Wednesday, October 8th. Finally, Needham & Company LLC cut their target price on Red Cat from $17.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, November 14th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $14.00.

Red Cat Price Performance

The stock has a fifty day moving average of $9.19 and a 200 day moving average of $9.22. The firm has a market capitalization of $962.72 million, a P/E ratio of -18.33 and a beta of 1.48.

Red Cat (NASDAQ:RCAT) last released its earnings results on Thursday, November 13th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.09). The firm had revenue of $9.65 million during the quarter, compared to the consensus estimate of $8.18 million. Equities analysts forecast that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Insider Activity at Red Cat

In other Red Cat news, Director Christopher R. Moe sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $10.91, for a total value of $109,100.00. Following the completion of the sale, the director owned 53,073 shares in the company, valued at approximately $579,026.43. The trade was a 15.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 15.30% of the company’s stock.

Institutional Trading of Red Cat

Large investors have recently bought and sold shares of the company. Tudor Investment Corp ET AL lifted its stake in shares of Red Cat by 214.0% in the 3rd quarter. Tudor Investment Corp ET AL now owns 1,277,523 shares of the company’s stock valued at $13,222,000 after purchasing an additional 870,612 shares during the period. IFP Advisors Inc lifted its position in Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock valued at $28,000 after buying an additional 1,720 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of Red Cat by 22.2% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 22,000 shares of the company’s stock valued at $228,000 after buying an additional 4,000 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Red Cat in the 3rd quarter worth about $322,000. Finally, Captrust Financial Advisors increased its stake in shares of Red Cat by 22.6% in the 3rd quarter. Captrust Financial Advisors now owns 1,005,488 shares of the company’s stock worth $10,407,000 after acquiring an additional 185,209 shares in the last quarter. 37.97% of the stock is owned by institutional investors.

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.