Red Cat (NASDAQ:RCAT) Shares Down 10.3% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares fell 10.3% during trading on Friday . The company traded as low as $11.24 and last traded at $11.65. 9,494,558 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 12,964,710 shares. The stock had previously closed at $12.99.

Analyst Ratings Changes

RCAT has been the subject of a number of research analyst reports. Needham & Company LLC upped 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. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Northland Securities set a $22.00 price objective on shares of Red Cat in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $19.00.

Red Cat Trading Down 10.3%

The business’s fifty day moving average price is $12.15 and its 200 day moving average price is $10.54. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -26.48 and a beta of 1.50.

Hedge Funds Weigh In On Red Cat

Institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its position 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 acquiring an additional 1,720 shares during the period. Montag A & Associates Inc. lifted its holdings in shares of Red Cat by 552.0% during the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock worth $34,000 after purchasing an additional 2,760 shares during the period. California State Teachers Retirement System purchased a new position in Red Cat in the 2nd quarter valued at $34,000. Global Retirement Partners LLC acquired a new position in Red Cat in the 3rd quarter valued at $36,000. Finally, N.E.W. Advisory Services LLC raised its position in Red Cat by 163.5% during the 4th quarter. N.E.W. Advisory Services LLC now owns 5,356 shares of the company’s stock worth $42,000 after buying an additional 3,323 shares during the last quarter. Institutional investors and hedge funds 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.