Red Cat (NASDAQ:RCAT) Stock Price Down 2.6% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares were down 2.6% on Friday . The stock traded as low as $9.22 and last traded at $9.49. Approximately 8,857,332 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 14,807,853 shares. The stock had previously closed at $9.74.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Clear Str raised shares of Red Cat to a “strong-buy” rating in a research report on Wednesday, April 29th. LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a research report on Wednesday, May 6th. Northland Securities set a $22.00 price objective on shares of Red Cat in a research report on Tuesday, January 20th. Needham & Company LLC boosted their price objective on shares of Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research report on Tuesday, April 21st. 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 company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $20.67.

Red Cat Trading Down 2.6%

The business’s 50-day moving average is $13.02 and its two-hundred day moving average is $11.41. The firm has a market cap of $1.16 billion, a P/E ratio of -13.56 and a beta of 1.21.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The business had revenue of $15.47 million for the quarter, compared to the consensus estimate of $17.63 million. Red Cat had a negative net margin of 138.36% and a negative return on equity of 35.86%. The firm’s revenue was up 849.1% on a year-over-year basis. On average, analysts anticipate that Red Cat Holdings, Inc. will post -0.65 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Arizona State Retirement System boosted its stake in Red Cat by 3.0% during the 4th quarter. Arizona State Retirement System now owns 29,311 shares of the company’s stock valued at $232,000 after purchasing an additional 855 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Red Cat by 0.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 167,084 shares of the company’s stock valued at $1,325,000 after purchasing an additional 1,147 shares during the period. Advisory Services Network LLC boosted its stake in Red Cat by 5.3% during the 3rd quarter. Advisory Services Network LLC now owns 30,200 shares of the company’s stock valued at $313,000 after purchasing an additional 1,507 shares during the period. AlphaQuest LLC boosted its stake in Red Cat by 17.4% during the 3rd quarter. AlphaQuest LLC now owns 10,839 shares of the company’s stock valued at $112,000 after purchasing an additional 1,608 shares during the period. Finally, IFP Advisors Inc boosted its stake in Red Cat by 181.1% during the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock valued at $28,000 after purchasing an additional 1,720 shares during the period. 37.97% of the stock is owned by institutional investors and hedge funds.

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.