Red Cat (NASDAQ:RCAT) Shares Gap Up – Time to Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price gapped up prior to trading on Monday . The stock had previously closed at $15.36, but opened at $16.20. Red Cat shares last traded at $14.56, with a volume of 10,474,062 shares trading hands.

Analyst Ratings Changes

RCAT has been the subject of several recent analyst reports. LADENBURG THALM/SH SH boosted their price objective on shares of Red Cat from $15.00 to $20.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Northland Securities set a $22.00 target price on shares of Red Cat in a research report on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $16.00 price objective on shares of Red Cat in a research note on Monday, March 2nd. One analyst has 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.33.

Red Cat Stock Down 7.3%

The stock has a market cap of $1.70 billion, a PE ratio of -32.36 and a beta of 1.53. The stock has a fifty day moving average of $12.73 and a 200-day moving average of $10.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in 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 purchasing an additional 37,407 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in Red Cat during the 2nd quarter worth approximately $546,000. AWM Investment Company Inc. raised its stake in shares of Red Cat by 15.3% during the 2nd quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock worth $14,834,000 after buying an additional 269,942 shares in the last quarter. Kornitzer Capital Management Inc. KS acquired a new stake in shares of Red Cat in the 3rd quarter valued at approximately $880,000. Finally, XTX Topco Ltd boosted its stake in shares of Red Cat by 510.9% in the second quarter. XTX Topco Ltd now owns 237,927 shares of the company’s stock valued at $1,732,000 after buying an additional 198,982 shares in the last quarter. 37.97% of the stock is currently owned by institutional investors and hedge funds.

About Red Cat

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.