Red Cat (NASDAQ:RCAT) Stock Price Up 10% Following Analyst Upgrade

by · The Markets Daily

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report) traded up 10% during mid-day trading on Tuesday after Needham & Company LLC raised their price target on the stock from $12.00 to $16.00. Needham & Company LLC currently has a buy rating on the stock. Red Cat traded as high as $13.28 and last traded at $13.1390. 16,381,553 shares traded hands during trading, an increase of 12% from the average session volume of 14,652,831 shares. The stock had previously closed at $11.94.

A number of other analysts also recently commented on RCAT. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a research report on Thursday, December 18th. Wall Street Zen downgraded shares of Red Cat from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Red Cat has an average rating of “Buy” and a consensus target price of $16.00.

Check Out Our Latest Stock Report on RCAT

Hedge Funds Weigh In On Red Cat

Institutional investors have recently added to or reduced their stakes in the business. IFP Advisors Inc lifted its position in Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after buying an additional 1,720 shares during the period. Montag A & Associates Inc. boosted its position in shares of Red Cat by 552.0% in the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock worth $34,000 after acquiring an additional 2,760 shares during the last quarter. California State Teachers Retirement System purchased a new stake in Red Cat in the second quarter valued at approximately $34,000. Global Retirement Partners LLC acquired a new position in Red Cat during the third quarter worth approximately $36,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in Red Cat by 28,681.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company’s stock worth $44,000 after purchasing an additional 6,023 shares during the period. 37.97% of the stock is currently owned by institutional investors and hedge funds.

Red Cat Stock Performance

The stock’s fifty day simple moving average is $8.35 and its two-hundred day simple moving average is $9.45. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -29.54 and a beta of 1.48.

Red Cat (NASDAQ:RCAT – Get Free Report) last issued its earnings results on Thursday, November 13th. The company reported ($0.16) earnings per share 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 analyst estimates of $8.18 million. Analysts predict that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

About Red Cat

(Get Free Report)

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.

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