Insider Selling: Red Cat (NASDAQ:RCAT) Director Sells 165,028 Shares of Stock

Red Cat Holdings, Inc. (NASDAQ:RCAT) Director Paul Funk II sold 165,028 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $11.50, for a total value of $1,897,822.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Red Cat Trading Up 7.1%

RCAT stock traded up $0.79 during midday trading on Monday, hitting $11.97. The company had a trading volume of 11,055,008 shares, compared to its average volume of 15,361,824. Red Cat Holdings, Inc. has a 52 week low of $5.77 and a 52 week high of $18.78. The stock’s 50 day moving average price is $11.75 and its 200 day moving average price is $11.83. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of -17.10 and a beta of 1.23.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.10). Red Cat had a negative net margin of 138.36% and a negative return on equity of 35.86%. The company had revenue of $15.47 million during the quarter, compared to the consensus estimate of $17.63 million. The company’s quarterly revenue was up 849.1% compared to the same quarter last year. Analysts predict that Red Cat Holdings, Inc. will post -0.68 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on RCAT shares. HC Wainwright started coverage on Red Cat in a research report on Wednesday, May 27th. They issued a “buy” rating and a $20.00 price objective for the company. Needham & Company LLC boosted their price objective on Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a report on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Tuesday, April 21st. Finally, UBS Group assumed coverage on Red Cat in a report on Wednesday, May 27th. They set a “buy” rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $21.40.

Hedge Funds Weigh In On Red Cat

Hedge funds and other institutional investors have recently made changes to their positions in the business. IFP Advisors Inc raised its holdings in shares of 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 acquiring an additional 1,720 shares in the last quarter. Fifth Third Bancorp bought a new position in Red Cat in the first quarter worth $33,000. Montag A & Associates Inc. raised its holdings 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 purchasing an additional 2,760 shares in the last quarter. California State Teachers Retirement System bought a new position in Red Cat in the second quarter worth $34,000. Finally, NFSG Corp raised its holdings in Red Cat by 200.0% in the first quarter. NFSG Corp now owns 3,000 shares of the company’s stock worth $39,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 37.97% of the company’s stock.

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.