Red Cat (NASDAQ:RCAT) Stock Price Up 4.6% – Should You Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price was up 4.6% during mid-day trading on Thursday . The stock traded as high as $13.01 and last traded at $12.99. Approximately 8,999,066 shares were traded during trading, a decline of 31% from the average daily volume of 13,054,718 shares. The stock had previously closed at $12.42.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Needham & Company LLC boosted their target price 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. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a research report on Thursday, December 18th. Northland Securities set a $22.00 target price on Red Cat in a report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $19.00.

Red Cat Stock Performance

The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -29.52 and a beta of 1.50. The stock has a fifty day simple moving average of $11.97 and a two-hundred day simple moving average of $10.50.

Institutional Investors Weigh In On Red Cat

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Moors & Cabot Inc. raised its holdings 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Red Cat by 31.1% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,704 shares of the company’s stock valued at $1,148,000 after purchasing an additional 37,407 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of Red Cat during the second quarter valued at $546,000. AWM Investment Company Inc. boosted its position in shares of Red Cat by 15.3% during the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock valued at $14,834,000 after buying an additional 269,942 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS purchased a new position in shares of Red Cat during the third quarter valued at approximately $880,000. 37.97% of the stock is owned by institutional investors.

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.