Red Cat (NASDAQ:RCAT) Trading 1.1% Higher – Time to Buy?

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) traded up 1.1% during mid-day trading on Friday . The stock traded as high as $11.77 and last traded at $11.37. 5,975,665 shares traded hands during trading, a decline of 57% from the average session volume of 14,037,737 shares. The stock had previously closed at $11.25.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RCAT. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research note on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Northland Securities set a $22.00 price target on shares of Red Cat in a research report on Tuesday, January 20th. Finally, Needham & Company LLC boosted their price target on Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $19.00.

Red Cat Stock Up 1.1%

The stock has a 50 day moving average price of $11.21 and a two-hundred day moving average price of $10.28. The firm has a market cap of $1.36 billion, a PE ratio of -25.84 and a beta of 1.50.

Red Cat (NASDAQ:RCAT) last issued its earnings results 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 during the quarter, compared to analysts’ expectations of $8.18 million. As a group, equities analysts anticipate that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current year.

Institutional Trading of Red Cat

Several hedge funds have recently modified their holdings of the stock. Moors & Cabot Inc. raised its stake in Red Cat by 65.6% during the second quarter. Moors & Cabot Inc. now owns 280,825 shares of the company’s stock valued at $2,044,000 after buying an additional 111,225 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Red Cat by 31.1% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,704 shares of the company’s stock valued at $1,148,000 after acquiring an additional 37,407 shares during the last quarter. Truist Financial Corp acquired a new stake in shares of Red Cat during the 2nd quarter valued at approximately $167,000. Rockefeller Capital Management L.P. bought a new position in Red Cat during the second quarter worth $546,000. Finally, AWM Investment Company Inc. lifted its stake in 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 purchasing an additional 269,942 shares during the last quarter. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.