Red Cat (NASDAQ:RCAT) Shares Down 6.3% – Time to Sell?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares fell 6.3% during trading on Thursday . The company traded as low as $11.23 and last traded at $11.25. 5,985,476 shares changed hands during trading, a decline of 58% from the average session volume of 14,311,371 shares. The stock had previously closed at $12.01.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RCAT. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Northland Securities set a $22.00 price objective on shares of Red Cat in a report on Tuesday, January 20th. Finally, Needham & Company LLC upped their target price on Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Two research 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $19.00.

Red Cat Stock Performance

The stock has a market capitalization of $1.34 billion, a P/E ratio of -25.57 and a beta of 1.50. The business has a 50-day moving average price of $11.15 and a 200 day moving average price of $10.28.

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 analysts’ expectations of $8.18 million. As a group, research analysts forecast that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Red Cat

Hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System lifted its position in Red Cat by 3.0% in the 4th quarter. Arizona State Retirement System now owns 29,311 shares of the company’s stock valued at $232,000 after acquiring an additional 855 shares in the last quarter. VestGen Advisors LLC raised its stake in shares of Red Cat by 4.9% in the second quarter. VestGen Advisors LLC now owns 23,625 shares of the company’s stock worth $172,000 after purchasing an additional 1,097 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Red Cat by 0.7% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 167,084 shares of the company’s stock valued at $1,325,000 after purchasing an additional 1,147 shares in the last quarter. Advisory Services Network LLC lifted its holdings in shares of Red Cat by 5.3% during the third quarter. Advisory Services Network LLC now owns 30,200 shares of the company’s stock valued at $313,000 after purchasing an additional 1,507 shares in the last quarter. Finally, AlphaQuest LLC boosted its position in shares of Red Cat by 17.4% during the third quarter. AlphaQuest LLC now owns 10,839 shares of the company’s stock valued at $112,000 after buying an additional 1,608 shares during the last quarter. 37.97% of the stock is currently owned by hedge funds and other 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.