Red Cat (NASDAQ:RCAT) Stock Price Down 4.8% – Here’s What Happened

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) dropped 4.8% on Wednesday . The company traded as low as $11.47 and last traded at $12.01. Approximately 8,925,522 shares traded hands during trading, a decline of 39% from the average daily volume of 14,607,225 shares. The stock had previously closed at $12.62.

Analyst Ratings Changes

Several brokerages recently issued reports on RCAT. LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a research note on Thursday, December 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Needham & Company LLC increased their price target on shares of Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Finally, Northland Securities set a $22.00 price objective on Red Cat in a research report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Red Cat presently has an average rating of “Buy” and an average target price of $19.00.

Red Cat Trading Down 4.8%

The business’s fifty day moving average price is $11.06 and its two-hundred day moving average price is $10.27. The firm has a market cap of $1.43 billion, a P/E ratio of -27.30 and a beta of 1.50.

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

Institutional Trading of Red Cat

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE increased its stake in shares of Red Cat by 407.0% in the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after purchasing an additional 2,727 shares during the period. Royal Bank of Canada grew its holdings in Red Cat by 76.4% in the 1st quarter. Royal Bank of Canada now owns 57,800 shares of the company’s stock valued at $340,000 after buying an additional 25,031 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Red Cat by 63.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 229,259 shares of the company’s stock worth $1,348,000 after buying an additional 89,095 shares during the period. Goldman Sachs Group Inc. increased its position in Red Cat by 28.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company’s stock worth $1,565,000 after buying an additional 59,334 shares during the period. Finally, Truist Financial Corp acquired a new position in shares of Red Cat during the second quarter worth approximately $167,000. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.