Red Cat (NASDAQ:RCAT) Shares Gap Down – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares gapped down prior to trading on Monday . The stock had previously closed at $12.47, but opened at $11.98. Red Cat shares last traded at $12.5610, with a volume of 1,394,424 shares.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RCAT shares. 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 research report on Tuesday, January 13th. Northland Securities set a $22.00 target price on shares of Red Cat in a research report on Tuesday, January 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. Finally, LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a research report on Thursday, December 18th. Two equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $19.00.

Red Cat Trading Down 3.6%

The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of -28.23 and a beta of 1.50. The firm has a 50-day moving average of $11.86 and a 200 day moving average of $10.49.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. IFP Advisors Inc increased its stake in Red Cat by 181.1% during the 3rd 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 Red Cat by 552.0% in the 3rd quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after buying an additional 2,760 shares during the last quarter. California State Teachers Retirement System acquired a new stake in shares of Red Cat during the second quarter valued at about $34,000. Global Retirement Partners LLC acquired a new stake in shares of Red Cat during the third quarter valued at about $36,000. Finally, N.E.W. Advisory Services LLC increased its position in shares of Red Cat by 163.5% during the fourth quarter. N.E.W. Advisory Services LLC now owns 5,356 shares of the company’s stock worth $42,000 after acquiring an additional 3,323 shares during the last quarter. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

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.