Red Cat (NASDAQ:RCAT) Shares Gap Up After Analyst Upgrade

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price gapped up prior to trading on Friday after LADENBURG THALM/SH SH upgraded the stock to a strong-buy rating. The stock had previously closed at $11.52, but opened at $12.37. Red Cat shares last traded at $13.78, with a volume of 14,003,748 shares changing hands.

A number of other analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Red Cat from a “hold” rating to a “sell” rating in a research report on Saturday. Northland Securities set a $16.00 price objective on shares of Red Cat in a report on Friday, August 15th. Needham & Company LLC assumed coverage on shares of Red Cat in a report on Friday. They issued a “buy” rating and a $17.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a report on Saturday, September 27th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Red Cat presently has an average rating of “Buy” and an average target price of $16.50.

Insider Buying and Selling at Red Cat

In related news, Director Christopher R. Moe sold 10,000 shares of Red Cat stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $10.91, for a total transaction of $109,100.00. Following the sale, the director directly owned 53,073 shares in the company, valued at $579,026.43. The trade was a 15.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 86,833 shares of company stock worth $861,560 in the last quarter. 15.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Red Cat

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AWM Investment Company Inc. raised its stake in shares of Red Cat by 15.3% during the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock valued at $14,834,000 after purchasing an additional 269,942 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Red Cat by 142.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,656,720 shares of the company’s stock valued at $12,063,000 after acquiring an additional 974,121 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Red Cat by 30.9% in the 2nd quarter. Captrust Financial Advisors now owns 820,279 shares of the company’s stock valued at $5,972,000 after acquiring an additional 193,853 shares during the last quarter. Apis Capital Advisors LLC lifted its holdings in Red Cat by 4.9% in the 1st quarter. Apis Capital Advisors LLC now owns 682,000 shares of the company’s stock valued at $4,010,000 after acquiring an additional 32,000 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Red Cat by 125.5% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 517,061 shares of the company’s stock valued at $3,764,000 after acquiring an additional 287,802 shares during the last quarter. 37.97% of the stock is currently owned by institutional investors.

Red Cat Stock Performance

The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of -23.87 and a beta of 1.45. The stock’s fifty day simple moving average is $9.64 and its two-hundred day simple moving average is $7.87.

About Red Cat

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.