Red Cat Sees Unusually High Options Volume (NASDAQ:RCAT)

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the recipient of some unusual options trading on Wednesday. Investors acquired 28,353 call options on the stock. This represents an increase of approximately 16% compared to the average daily volume of 24,458 call options.

Hedge Funds Weigh In On Red Cat

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc raised its holdings in 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 buying an additional 1,720 shares during the last quarter. Montag A & Associates Inc. lifted its position in Red Cat by 552.0% in the 3rd 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 in the last quarter. California State Teachers Retirement System purchased a new stake in Red Cat during the 2nd quarter valued at $34,000. Global Retirement Partners LLC bought a new stake in shares of Red Cat in the 3rd quarter worth $36,000. Finally, N.E.W. Advisory Services LLC raised its stake in shares of Red Cat by 163.5% in the fourth quarter. N.E.W. Advisory Services LLC now owns 5,356 shares of the company’s stock worth $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 Stock Up 7.4%

Shares of NASDAQ:RCAT traded up $1.26 during trading on Wednesday, hitting $18.23. The stock had a trading volume of 20,071,155 shares, compared to its average volume of 16,204,652. The company has a market capitalization of $2.18 billion, a PE ratio of -41.49 and a beta of 1.53. The firm’s fifty day moving average is $13.67 and its 200 day moving average is $11.06. Red Cat has a 12 month low of $4.60 and a 12 month high of $18.78.

Analyst Upgrades and Downgrades

RCAT has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Northland Securities set a $22.00 target price on Red Cat in a research note on Tuesday, January 20th. LADENBURG THALM/SH SH lifted their price target on shares of Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $16.00 price objective on shares of Red Cat in a report on Monday, March 2nd. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $19.33.

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.