Red Cat (NASDAQ:RCAT) Stock Price Down 8.9% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) was down 8.9% during trading on Thursday . The stock traded as low as $14.71 and last traded at $14.93. Approximately 9,792,606 shares were traded during trading, a decline of 41% from the average daily volume of 16,679,691 shares. The stock had previously closed at $16.38.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Northland Securities set a $22.00 price objective on Red Cat in a report on Tuesday, January 20th. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research note on Thursday, December 18th. Wall Street Zen lowered shares of Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Finally, Needham & Company LLC lifted their price target on Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Red Cat presently has a consensus rating of “Buy” and an average target price of $19.00.

Red Cat Price Performance

The business’s 50-day moving average is $9.94 and its 200 day moving average is $10.08. The firm has a market capitalization of $1.78 billion, a P/E ratio of -33.93 and a beta of 1.48.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.09). The business had revenue of $9.65 million for the quarter, compared to analysts’ expectations of $8.18 million. Analysts anticipate that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Cat

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc increased its position in shares of 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 purchasing an additional 1,720 shares during the period. Montag A & Associates Inc. increased its holdings 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 buying an additional 2,760 shares during the period. Bank of America Corp DE raised its position in shares of 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 buying an additional 2,727 shares in the last quarter. Global Retirement Partners LLC acquired a new position in shares of Red Cat in the 3rd quarter valued at approximately $36,000. Finally, Penserra Capital Management LLC bought a new stake in shares of Red Cat during the 3rd quarter worth approximately $46,000. 37.97% of the stock is owned by institutional investors and hedge funds.

Red Cat Company Profile

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.