Red Cat (NASDAQ:RCAT) Earns Outperform Rating from Analysts at Evercore

Evercore began coverage on shares of Red Cat (NASDAQ:RCAT) in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $15.00 price target on the stock. Evercore’s price objective would indicate a potential upside of 76.68% from the company’s previous close.

RCAT has been the topic of a number of other reports. Needham & Company LLC reduced their price target on shares of Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. UBS Group assumed coverage on shares of Red Cat in a research report on Wednesday, May 27th. They set a “buy” rating for the company. Roth Capital started coverage on shares of Red Cat in a report on Monday, June 1st. They issued a “buy” rating and a $25.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a report on Friday, July 17th. Finally, LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $19.50.

Red Cat Stock Performance

NASDAQ RCAT opened at $8.49 on Monday. The stock has a market cap of $1.04 billion, a PE ratio of -10.48 and a beta of 1.32. Red Cat has a twelve month low of $5.77 and a twelve month high of $18.78. The stock has a fifty day simple moving average of $9.10 and a 200-day simple moving average of $11.33.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.05). Red Cat had a negative net margin of 136.26% and a negative return on equity of 32.25%. The company had revenue of $20.20 million during the quarter, compared to analysts’ expectations of $22.65 million. Research analysts predict that Red Cat will post -0.78 EPS for the current year.

Insider Transactions at Red Cat

In other news, Director Christopher R. Moe sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $10.51, for a total value of $210,200.00. Following the completion of the transaction, the director owned 200,502 shares of the company’s stock, valued at approximately $2,107,276.02. This trade represents a 9.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $10.63, for a total transaction of $584,650.00. Following the sale, the director directly owned 489,874 shares in the company, valued at approximately $5,207,360.62. The trade was a 10.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 240,028 shares of company stock valued at $2,692,672. 12.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Red Cat

A number of large investors have recently modified their holdings of RCAT. BlackRock Inc. acquired a new position in Red Cat during the 2nd quarter worth $119,610,000. State Street Corp raised its position in Red Cat by 136.4% in the 4th quarter. State Street Corp now owns 6,612,153 shares of the company’s stock valued at $52,434,000 after purchasing an additional 3,815,310 shares in the last quarter. Van ECK Associates Corp acquired a new stake in Red Cat in the 2nd quarter valued at about $27,193,000. Vanguard Group Inc. boosted its stake in shares of Red Cat by 43.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,506,377 shares of the company’s stock valued at $56,991,000 after buying an additional 1,680,929 shares during the period. Finally, Davidson Kempner Capital Management LP purchased a new position in shares of Red Cat in the 3rd quarter valued at about $17,286,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

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.