Red Cat (NASDAQ:RCAT) Stock Rating Lowered by Wall Street Zen

Red Cat (NASDAQ:RCAT) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

A number of other equities research analysts have also issued reports on RCAT. Northland Securities set a $16.00 target price on Red Cat in a research note on Friday, August 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a report on Saturday, September 27th. Finally, Needham & Company LLC initiated coverage on shares of Red Cat in a report on Friday. They set a “buy” rating and a $17.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Red Cat currently has an average rating of “Buy” and a consensus target price of $16.50.

Red Cat Stock Performance

RCAT stock opened at $12.89 on Friday. Red Cat has a 1 year low of $2.66 and a 1 year high of $15.27. The stock’s 50 day moving average price is $9.64 and its 200 day moving average price is $7.89. The firm has a market cap of $1.52 billion, a P/E ratio of -23.87 and a beta of 1.45.

Insider Transactions at Red Cat

In related news, Director Christopher R. Moe sold 10,000 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $10.91, for a total value of $109,100.00. Following the completion of the sale, the director directly owned 53,073 shares in the company, valued at approximately $579,026.43. This represents a 15.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 86,833 shares of company stock valued at $861,560. 15.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Red Cat

Several large investors have recently added to or reduced their stakes in RCAT. California State Teachers Retirement System acquired a new stake in Red Cat in the 2nd quarter valued at $34,000. Caitong International Asset Management Co. Ltd increased its holdings in Red Cat by 28,681.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company’s stock valued at $44,000 after purchasing an additional 6,023 shares in the last quarter. Bank of America Corp DE increased its holdings in Red Cat by 407.0% in the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after purchasing an additional 2,727 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Red Cat by 1,537.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,220 shares of the company’s stock valued at $53,000 after purchasing an additional 6,779 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its stake in shares of Red Cat by 104.4% during the first quarter. SBI Securities Co. Ltd. now owns 9,467 shares of the company’s stock valued at $56,000 after acquiring an additional 4,835 shares in the last quarter. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.