Red Cat (NASDAQ:RCAT) Trading Up 6.2% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price rose 6.2% during mid-day trading on Thursday . The stock traded as high as $13.49 and last traded at $12.83. Approximately 12,692,848 shares traded hands during trading, a decline of 6% from the average daily volume of 13,573,460 shares. The stock had previously closed at $12.08.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RCAT shares. 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 target price on shares of Red Cat in a research report on Tuesday, January 20th. LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Needham & Company LLC boosted their price target on shares of Red Cat from $12.00 to $16.00 and gave the stock 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 assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Red Cat presently has an average rating of “Buy” and an average target price of $19.00.

Red Cat Stock Down 2.8%

The stock’s 50 day moving average is $11.64 and its 200-day moving average is $10.43. The company has a market cap of $1.49 billion, a PE ratio of -28.34 and a beta of 1.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc raised 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 valued at $28,000 after purchasing an additional 1,720 shares during the period. Montag A & Associates Inc. lifted its position in 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 buying an additional 2,760 shares during the last quarter. California State Teachers Retirement System bought a new position in Red Cat during the second quarter valued at $34,000. Global Retirement Partners LLC bought a new position in Red Cat during the third quarter valued at $36,000. Finally, N.E.W. Advisory Services LLC raised its stake in shares of Red Cat by 163.5% in the fourth quarter. N.E.W. Advisory Services LLC now owns 5,356 shares of the company’s stock valued at $42,000 after acquiring an additional 3,323 shares during the period. Hedge funds and other institutional investors own 37.97% of the company’s stock.

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.