Red Cat (NASDAQ:RCAT) Stock Price Up 3.1% – Here’s Why
by Doug Wharley · The Cerbat GemRed Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report) shares were up 3.1% on Wednesday . The company traded as high as $13.06 and last traded at $13.03. Approximately 7,662,919 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 15,889,408 shares. The stock had previously closed at $12.64.
Wall Street Analyst Weigh In
Several research firms recently commented on RCAT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Northland Securities set a $22.00 price target on Red Cat in a research report on Tuesday, January 20th. Needham & Company LLC boosted their price objective on Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. Wall Street Zen raised shares of Red Cat from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Finally, LADENBURG THALM/SH SH boosted their price objective on shares of Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.67.
Check Out Our Latest Research Report on RCAT
Red Cat Stock Up 3.1%
The business has a fifty day moving average of $13.47 and a 200 day moving average of $11.56. The company has a market cap of $1.58 billion, a P/E ratio of -17.37 and a beta of 1.46.
Red Cat (NASDAQ:RCAT – Get Free Report) last released its quarterly earnings results on Wednesday, March 18th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03). Red Cat had a negative net margin of 176.96% and a negative return on equity of 38.86%. The company had revenue of $26.24 million during the quarter, compared to the consensus estimate of $24.50 million. On average, sell-side analysts anticipate that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.
Hedge Funds Weigh In On Red Cat
A number of institutional investors have recently added to or reduced their stakes in RCAT. Brevan Howard Capital Management LP purchased a new position in Red Cat during the 3rd quarter valued at about $19,739,000. Tudor Investment Corp ET AL boosted its holdings in Red Cat by 214.0% in the third quarter. Tudor Investment Corp ET AL now owns 1,277,523 shares of the company’s stock worth $13,222,000 after acquiring an additional 870,612 shares in the last quarter. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Red Cat in the third quarter worth $880,000. SG Americas Securities LLC purchased a new stake in shares of Red Cat in the third quarter worth $418,000. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of Red Cat during the third quarter valued at $491,000. 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.