Red Cat (NASDAQ:RCAT) Trading 11.2% Higher – Time to Buy?

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) rose 11.2% during trading on Thursday . The stock traded as high as $18.02 and last traded at $17.36. Approximately 23,355,225 shares changed hands during trading, an increase of 31% from the average daily volume of 17,868,811 shares. The stock had previously closed at $15.61.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RCAT shares. Wall Street Zen lowered Red Cat from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Needham & Company LLC upped their price target on Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Wednesday, October 8th. Finally, Northland Securities set a $22.00 target price on shares of Red Cat in a research report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $19.00.

Red Cat Stock Up 11.2%

The firm has a market cap of $2.07 billion, a PE ratio of -39.45 and a beta of 1.48. The firm’s 50 day moving average is $9.05 and its 200-day moving average is $9.77.

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

Institutional Trading of Red Cat

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