Legal & General Group Plc Takes $1.23 Million Position in Red Cat Holdings, Inc. $RCAT

Legal & General Group Plc bought a new position in shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) during the 2nd quarter, Holdings Channel.com reports. The firm bought 115,645 shares of the company’s stock, valued at approximately $1,232,000.

Other hedge funds have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new stake in Red Cat in the 2nd quarter valued at about $522,000. Sanctuary Advisors LLC acquired a new stake in shares of Red Cat in the second quarter worth approximately $117,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Red Cat in the second quarter valued at approximately $164,000. Quantbot Technologies LP purchased a new stake in Red Cat in the second quarter valued at approximately $47,000. Finally, Fund Advisors of America Inc FL acquired a new position in Red Cat during the second quarter worth approximately $377,000. 37.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Christopher R. Moe sold 20,000 shares of Red Cat stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $10.51, for a total transaction of $210,200.00. Following the sale, the director owned 200,502 shares in the company, valued at $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 is available at this hyperlink. Also, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the business’s stock in a transaction 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 transaction, 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 sold 240,028 shares of company stock worth $2,692,672. 12.50% of the stock is currently owned by corporate insiders.

Red Cat Stock Performance

Shares of Red Cat stock opened at $8.37 on Monday. Red Cat Holdings, Inc. has a twelve month low of $5.77 and a twelve month high of $18.78. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -10.33 and a beta of 1.35. The company has a fifty day moving average price of $8.98 and a 200 day moving average price of $11.21.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.05). The company had revenue of $20.20 million during the quarter, compared to analysts’ expectations of $22.65 million. Red Cat had a negative net margin of 136.26% and a negative return on equity of 32.25%. Analysts forecast that Red Cat Holdings, Inc. will post -0.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

RCAT has been the topic of a number of research analyst reports. Needham & Company LLC decreased their price target on shares of Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, August 7th. HC Wainwright restated a “buy” rating and set a $20.00 price objective on shares of Red Cat in a report on Friday, August 7th. Evercore began coverage on Red Cat in a report on Monday, August 31st. They issued an “outperform” rating and a $15.00 target price on the stock. Wall Street Zen downgraded Red Cat from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. Finally, Roth Capital assumed coverage on Red Cat in a research note on Monday, June 1st. They set a “buy” rating and a $25.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.00.

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.