Stock Traders Buy High Volume of Red Cat Call Options (NASDAQ:RCAT)

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the recipient of some unusual options trading on Friday. Stock investors acquired 30,077 call options on the stock. This represents an increase of 31% compared to the average daily volume of 22,952 call options.

Analysts Set New Price Targets

RCAT has been the subject of several analyst reports. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a report on Thursday. Northland Securities set a $16.00 price objective on Red Cat in a report on Friday, August 15th. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a report on Saturday. Needham & Company LLC started coverage on Red Cat in a report on Friday. They issued a “buy” rating and a $17.00 price objective for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a report on Saturday, September 27th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $16.50.

Red Cat Trading Up 11.9%

Red Cat stock opened at $12.89 on Friday. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of -23.87 and a beta of 1.45. Red Cat has a 12-month low of $2.66 and a 12-month high of $15.27. The firm has a 50 day moving average of $9.64 and a 200 day moving average of $7.87.

Insider Buying and Selling at Red Cat

In other news, Director Christopher R. Moe sold 30,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $10.11, for a total transaction of $303,300.00. Following the completion of the transaction, the director directly owned 73,073 shares in the company, valued at $738,768.03. This trade represents a 29.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 86,833 shares of company stock worth $861,560 in the last ninety days. 15.30% of the stock is owned by company insiders.

Institutional Trading of Red Cat

Several institutional investors and hedge funds have recently modified their holdings of RCAT. California State Teachers Retirement System bought a new stake in shares of Red Cat during the 2nd quarter valued at $34,000. Caitong International Asset Management Co. Ltd raised its position in shares of Red Cat by 28,681.0% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company’s stock valued at $44,000 after purchasing an additional 6,023 shares during the period. Bank of America Corp DE raised its position in shares of Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after purchasing an additional 2,727 shares during the period. BNP Paribas Financial Markets boosted its stake in Red Cat by 1,537.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,220 shares of the company’s stock worth $53,000 after purchasing an additional 6,779 shares during the period. Finally, SBI Securities Co. Ltd. boosted its stake in Red Cat by 104.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 9,467 shares of the company’s stock worth $56,000 after purchasing an additional 4,835 shares during the period. 37.97% of the stock is currently owned by institutional investors.

Red Cat Company Profile

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.