Red Cat (NASDAQ:RCAT) Trading 2.3% Higher – Time to Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares rose 2.3% during trading on Monday . The stock traded as high as $15.79 and last traded at $14.84. Approximately 27,275,470 shares traded hands during mid-day trading, an increase of 77% from the average daily volume of 15,452,740 shares. The stock had previously closed at $14.50.

Wall Street Analysts Forecast Growth

RCAT has been the subject of several recent analyst reports. Roth Mkm initiated coverage on Red Cat in a report on Monday. They issued a “buy” rating and a $25.00 price target for the company. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a report on Saturday, May 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Tuesday, April 21st. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Needham & Company LLC boosted their target price on Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, March 19th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $21.40.

Red Cat Stock Performance

The firm has a market cap of $1.82 billion, a PE ratio of -21.20 and a beta of 1.23. The stock has a fifty day moving average price of $11.95 and a 200-day moving average price of $11.43.

Red Cat (NASDAQ:RCAT) last issued its earnings results on Thursday, May 7th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The firm had revenue of $15.47 million for the quarter, compared to analysts’ expectations of $17.63 million. Red Cat had a negative return on equity of 35.86% and a negative net margin of 138.36%.The company’s quarterly revenue was up 849.1% on a year-over-year basis. As a group, equities analysts predict that Red Cat Holdings, Inc. will post -0.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Red Cat

A number of institutional investors and hedge funds have recently bought and sold shares of RCAT. Brevan Howard Capital Management LP purchased a new position in shares of Red Cat during the 3rd quarter valued at approximately $19,739,000. Tudor Investment Corp ET AL boosted its stake in shares of Red Cat by 214.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,277,523 shares of the company’s stock valued at $13,222,000 after buying an additional 870,612 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of Red Cat during the 3rd quarter valued at approximately $491,000. Vanguard Group Inc. boosted its stake in shares of Red Cat by 9.0% during the 4th quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock valued at $47,580,000 after buying an additional 493,660 shares during the last quarter. Finally, UBS Group AG boosted its stake in shares of Red Cat by 37.7% during the 4th quarter. UBS Group AG now owns 580,099 shares of the company’s stock valued at $4,600,000 after buying an additional 158,864 shares during the last quarter. Hedge funds and other institutional investors own 37.97% of the company’s stock.

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.