Brokerages Set Red Cat Holdings, Inc. (NASDAQ:RCAT) Target Price at $21.40

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) have been given a consensus recommendation of “Buy” by the seven analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $21.40.

RCAT has been the topic of a number of analyst reports. HC Wainwright initiated coverage on Red Cat in a research report on Wednesday, May 27th. They issued a “buy” rating and a $20.00 price target on the stock. Needham & Company LLC upped their price target on Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. Wall Street Zen upgraded Red Cat from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 6th. UBS Group started coverage on Red Cat in a research report on Wednesday, May 27th. They issued a “buy” rating on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research report on Tuesday, April 21st.

Insider Activity at Red Cat

In related news, Director Paul Funk II sold 165,028 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was 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 accessible through this hyperlink. 12.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Red Cat

Several institutional investors and hedge funds have recently made changes to their positions in the business. Western Wealth Management LLC boosted its position in shares of Red Cat by 4.5% during the 1st quarter. Western Wealth Management LLC now owns 36,722 shares of the company’s stock valued at $481,000 after purchasing an additional 1,570 shares in the last quarter. Norris Financial Group LLC bought a new stake in shares of Red Cat during the 1st quarter valued at about $194,000. Bank of America Corp DE boosted its position in shares of Red Cat by 46.1% during the 1st quarter. Bank of America Corp DE now owns 203,366 shares of the company’s stock valued at $2,662,000 after purchasing an additional 64,145 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Red Cat by 733.7% during the 1st quarter. Janus Henderson Group PLC now owns 392,808 shares of the company’s stock valued at $5,141,000 after purchasing an additional 345,693 shares in the last quarter. Finally, Amundi bought a new stake in shares of Red Cat during the 1st quarter valued at about $135,000. Institutional investors own 37.97% of the company’s stock.

Red Cat Trading Down 4.6%

NASDAQ RCAT opened at $8.91 on Friday. The business’s 50-day moving average price is $11.39 and its two-hundred day moving average price is $12.04. Red Cat has a 12 month low of $5.77 and a 12 month high of $18.78. The firm has a market capitalization of $1.09 billion, a PE ratio of -12.73 and a beta of 1.23.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.22) 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 company had revenue of $15.47 million during the quarter, compared to the consensus estimate of $17.63 million. The company’s revenue was up 849.1% on a year-over-year basis. As a group, analysts forecast that Red Cat will post -0.68 earnings per share for the current fiscal year.

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.