Red Cat (NASDAQ:RCAT) Trading Down 7.8% – What’s Next?
by Mitch Edgeman · The Markets DailyRed Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report)’s stock price fell 7.8% on Friday . The stock traded as low as $16.18 and last traded at $16.0070. 9,607,197 shares traded hands during trading, a decline of 45% from the average session volume of 17,312,326 shares. The stock had previously closed at $17.36.
Wall Street Analyst Weigh In
RCAT has been the subject of several recent analyst reports. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Northland Securities set a $22.00 target price on shares of Red Cat in a report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research report on Wednesday, October 8th. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, Needham & Company LLC increased their price objective on shares of Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $19.00.
View Our Latest Stock Report on RCAT
Red Cat Trading Down 7.5%
The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of -36.50 and a beta of 1.48. The company has a fifty day moving average price of $9.24 and a 200-day moving average price of $9.83.
Red Cat (NASDAQ:RCAT – Get Free Report) last posted its earnings results on Thursday, November 13th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The business had revenue of $9.65 million for the quarter, compared to analysts’ expectations of $8.18 million. As a group, sell-side analysts predict that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. IFP Advisors Inc raised its stake in shares of 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 last quarter. Montag A & Associates Inc. boosted its stake in Red Cat by 552.0% in the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after acquiring an additional 2,760 shares during the last quarter. California State Teachers Retirement System acquired a new stake in Red Cat during the 2nd quarter worth $34,000. Global Retirement Partners LLC bought a new stake in shares of Red Cat during the 3rd quarter valued at $36,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Red Cat by 28,681.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company’s stock valued at $44,000 after purchasing an additional 6,023 shares during the period. Institutional investors and hedge funds 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.