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

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) gapped up before the market opened on Monday . The stock had previously closed at $12.68, but opened at $13.23. Red Cat shares last traded at $12.29, with a volume of 2,983,416 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on RCAT shares. Northland Securities set a $22.00 target price on shares of Red Cat in a report on Tuesday, January 20th. Needham & Company LLC boosted their price target on Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, March 19th. LADENBURG THALM/SH SH upped their price target on Red Cat from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Wall Street Zen raised Red Cat from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $20.67.

Red Cat Stock Performance

The stock has a market capitalization of $1.44 billion, a PE ratio of -15.80 and a beta of 1.53. The company’s fifty day simple moving average is $14.05 and its two-hundred day simple moving average is $11.41.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings results on Wednesday, March 18th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The business had revenue of $26.24 million during the quarter, compared to analysts’ expectations of $24.50 million. Red Cat had a negative net margin of 176.96% and a negative return on equity of 38.86%. Sell-side analysts forecast that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Cat

Hedge funds have recently bought and sold shares of the stock. IFP Advisors Inc raised its holdings in shares of Red Cat by 181.1% in the third 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 last quarter. Montag A & Associates Inc. boosted its stake 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 valued at $34,000 after acquiring 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 $34,000. Global Retirement Partners LLC purchased a new stake in Red Cat during the 3rd quarter worth about $36,000. Finally, N.E.W. Advisory Services LLC raised its stake in Red Cat by 163.5% in the 4th quarter. N.E.W. Advisory Services LLC now owns 5,356 shares of the company’s stock valued at $42,000 after purchasing an additional 3,323 shares during the last quarter. 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.