Red Cat (NASDAQ:RCAT) Trading Up 4.5% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price traded up 4.5% on Tuesday . The company traded as high as $14.52 and last traded at $14.25. 12,377,340 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 15,875,124 shares. The stock had previously closed at $13.63.

Wall Street Analysts Forecast Growth

Several research firms have commented on RCAT. Northland Securities set a $22.00 price target 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 research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Finally, Needham & Company LLC raised their price objective 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 investment 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, the company has a consensus rating of “Buy” and an average target price of $19.00.

Red Cat Trading Up 4.5%

The company has a market capitalization of $1.70 billion, a P/E ratio of -32.39 and a beta of 1.48. The stock’s fifty day moving average is $10.39 and its 200 day moving average is $10.13.

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 business had revenue of $9.65 million for the quarter, compared to analyst estimates of $8.18 million. On average, analysts expect that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Red Cat

Several institutional investors and hedge funds have recently bought and sold shares of the business. Moors & Cabot Inc. raised its stake in Red Cat by 65.6% in the second quarter. Moors & Cabot Inc. now owns 280,825 shares of the company’s stock worth $2,044,000 after buying an additional 111,225 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Red Cat by 31.1% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,704 shares of the company’s stock valued at $1,148,000 after acquiring an additional 37,407 shares in the last quarter. Truist Financial Corp purchased a new position in shares of Red Cat during the 2nd quarter worth approximately $167,000. Rockefeller Capital Management L.P. bought a new position in shares of Red Cat in the 2nd quarter worth approximately $546,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in shares of Red Cat in the 2nd quarter valued at approximately $180,000. Hedge funds and other 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.