Red Cat (NASDAQ:RCAT) Shares Gap Up Following Analyst Upgrade

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) gapped up prior to trading on Thursday after LADENBURG THALM/SH SH upgraded the stock to a strong-buy rating. The stock had previously closed at $6.89, but opened at $7.27. Red Cat shares last traded at $7.35, with a volume of 1,181,186 shares.

Other analysts have also issued reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research note on Wednesday, October 8th. Needham & Company LLC cut their target price on Red Cat from $17.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, November 14th. Finally, Wall Street Zen lowered Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $14.00.

Insider Activity at Red Cat

In related news, Director Christopher R. Moe sold 10,000 shares of the stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $10.91, for a total transaction of $109,100.00. Following the completion of the sale, the director directly owned 53,073 shares of the company’s stock, valued at $579,026.43. This represents a 15.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 15.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Red Cat

Several large investors have recently modified their holdings of the stock. IFP Advisors Inc raised its position 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 purchasing an additional 1,720 shares during the period. Montag A & Associates Inc. raised its holdings in Red Cat by 552.0% during the 3rd quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock worth $34,000 after buying an additional 2,760 shares during the period. California State Teachers Retirement System purchased a new stake in Red Cat during the second quarter valued at about $34,000. Global Retirement Partners LLC acquired a new position in shares of Red Cat in the third quarter worth about $36,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Red Cat by 28,681.0% in the second quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company’s stock worth $44,000 after buying an additional 6,023 shares during the period. 37.97% of the stock is owned by institutional investors.

Red Cat Stock Up 12.0%

The firm’s 50-day moving average price is $9.08 and its two-hundred day moving average price is $9.23. The firm has a market capitalization of $960.94 million, a PE ratio of -18.30 and a beta of 1.48.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.09). The company had revenue of $9.65 million for the quarter, compared to analysts’ expectations of $8.18 million. Equities research analysts forecast that Red Cat Holdings, Inc. will post -0.5 EPS for the current year.

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.