Red Cat (NASDAQ:RCAT) Stock Price Up 7.3% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price traded up 7.3% during mid-day trading on Tuesday . The stock traded as high as $9.04 and last traded at $8.86. 12,319,962 shares traded hands during trading, a decline of 12% from the average daily volume of 14,039,966 shares. The stock had previously closed at $8.26.

Analysts Set New Price Targets

Several equities analysts have commented on RCAT shares. Wall Street Zen downgraded shares of Red Cat from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research note on Friday, July 17th. Clear Str upgraded shares of Red Cat to a “strong-buy” rating in a research note on Wednesday, April 29th. LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, HC Wainwright began coverage on shares of Red Cat in a research note on Wednesday, May 27th. They issued a “buy” rating and a $20.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $21.40.

Red Cat Trading Up 7.3%

The stock has a market cap of $1.09 billion, a P/E ratio of -12.66 and a beta of 1.32. The firm has a 50-day simple moving average of $10.16 and a two-hundred day simple moving average of $11.96.

Red Cat (NASDAQ:RCAT) last announced its earnings results on Thursday, May 7th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $15.47 million during the quarter, compared to the consensus estimate of $17.63 million. Red Cat’s revenue was up 849.1% compared to the same quarter last year. Sell-side analysts predict that Red Cat Holdings, Inc. will post -0.68 earnings per share for the current year.

Insider Transactions at Red Cat

In other Red Cat news, Director Paul Funk II sold 165,028 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $11.50, for a total transaction of $1,897,822.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Red Cat

Several institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc grew its position in Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after buying an additional 1,720 shares in the last quarter. Fifth Third Bancorp bought a new position in shares of Red Cat in the first quarter worth $33,000. California State Teachers Retirement System acquired a new position in Red Cat in the second quarter valued at about $34,000. NFSG Corp lifted its position in Red Cat by 200.0% during 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 during the period. Finally, PNC Financial Services Group Inc. grew its stake in Red Cat by 294.6% during the first quarter. PNC Financial Services Group Inc. now owns 3,042 shares of the company’s stock worth $40,000 after buying an additional 2,271 shares in the last quarter. 37.97% of the stock is currently owned by institutional investors.

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.