Red Cat (NASDAQ:RCAT) Trading 4.5% Higher – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT) traded up 4.5% on Wednesday . The stock traded as high as $16.71 and last traded at $16.38. 18,114,723 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 17,012,988 shares. The stock had previously closed at $15.67.

Wall Street Analyst Weigh In

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

Red Cat Price Performance

The company’s 50-day moving average price is $9.74 and its two-hundred day moving average price is $10.04. The company has a market capitalization of $1.96 billion, a P/E ratio of -37.23 and a beta of 1.48.

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

Institutional Investors Weigh In On Red Cat

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Moors & Cabot Inc. lifted its position in shares of Red Cat by 65.6% during the 2nd quarter. Moors & Cabot Inc. now owns 280,825 shares of the company’s stock valued at $2,044,000 after acquiring an additional 111,225 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Red Cat by 31.1% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,704 shares of the company’s stock worth $1,148,000 after purchasing an additional 37,407 shares during the period. Truist Financial Corp acquired a new position in Red Cat in the second quarter valued at about $167,000. Rockefeller Capital Management L.P. bought a new stake in Red Cat during the second quarter worth about $546,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Red Cat during the second quarter worth about $180,000. Institutional investors and hedge funds 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.