Red Cat (NASDAQ:RCAT) Sets New 1-Year High – Time to Buy?

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $17.30 and last traded at $17.17, with a volume of 8956739 shares traded. The stock had previously closed at $15.61.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RCAT. LADENBURG THALM/SH SH raised 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 research note on Saturday, October 4th. Needham & Company LLC raised their price target on shares of Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Northland Securities set a $22.00 price objective on shares of Red Cat in a research note on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Red Cat presently has an average rating of “Buy” and an average target price of $19.00.

Red Cat Price Performance

The company has a market capitalization of $1.92 billion, a PE ratio of -36.50 and a beta of 1.48. The business’s 50 day simple moving average is $9.42 and its 200 day simple moving average is $9.89.

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

Hedge Funds Weigh In On Red Cat

Large investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its position in shares of Red Cat by 687.7% during the 4th quarter. Farther Finance Advisors LLC now owns 7,562 shares of the company’s stock worth $60,000 after purchasing an additional 6,602 shares during the last quarter. Tyche Wealth Partners LLC purchased a new position in Red Cat during the fourth quarter worth about $118,000. Harbor Capital Advisors Inc. purchased a new position in Red Cat during the fourth quarter worth about $272,000. CoreCap Advisors LLC increased its position in shares of Red Cat by 24.0% during the fourth quarter. CoreCap Advisors LLC now owns 10,850 shares of the company’s stock valued at $86,000 after acquiring an additional 2,099 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in shares of Red Cat in the 4th quarter valued at approximately $175,000. Institutional investors and hedge funds own 37.97% of the company’s stock.

Red Cat Company 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.