Red Cat (NASDAQ:RCAT) Trading Down 11.3% – Here’s Why
by Doug Wharley · The Cerbat GemRed Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report) fell 11.3% during trading on Monday . The stock traded as low as $13.88 and last traded at $14.25. 12,555,767 shares changed hands during trading, a decline of 27% from the average session volume of 17,292,572 shares. The stock had previously closed at $16.06.
Analysts Set New Price Targets
Several research firms have recently weighed in on RCAT. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research note on Thursday, December 18th. Wall Street Zen lowered shares of Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a report on Thursday. Northland Securities set a $22.00 price target on Red Cat in a report on Tuesday, January 20th. Finally, Needham & Company LLC boosted 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 equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Red Cat has a consensus rating of “Buy” and an average target price of $19.00.
Get Our Latest Stock Analysis on RCAT
Red Cat Trading Down 11.3%
The business’s 50-day moving average price is $9.42 and its 200 day moving average price is $9.93.
Red Cat (NASDAQ:RCAT – Get Free Report) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The company had revenue of $9.65 million during the quarter, compared to the consensus estimate of $8.18 million. As a group, sell-side analysts anticipate that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Red Cat
A number of large investors have recently modified their holdings of RCAT. Vanguard Group Inc. lifted its position in Red Cat by 43.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,506,377 shares of the company’s stock worth $56,991,000 after buying an additional 1,680,929 shares during the last quarter. AWM Investment Company Inc. raised its stake 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 worth $14,834,000 after acquiring an additional 269,942 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in shares of Red Cat in the 3rd quarter worth approximately $19,739,000. Davidson Kempner Capital Management LP purchased a new stake in shares of Red Cat in the 3rd quarter valued at $17,286,000. Finally, Geode Capital Management LLC boosted its stake in shares of Red Cat by 142.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,656,720 shares of the company’s stock valued at $12,063,000 after purchasing an additional 974,121 shares in the last quarter. 37.97% of the stock is 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.