Red Cat (NASDAQ:RCAT) Trading 2.4% Higher – Here’s Why

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) traded up 2.4% during trading on Thursday . The stock traded as high as $15.66 and last traded at $15.08. 20,366,727 shares changed hands during trading, an increase of 41% from the average session volume of 14,444,770 shares. The stock had previously closed at $14.73.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Northland Securities set a $22.00 price objective on shares of Red Cat in a report on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. LADENBURG THALM/SH SH raised their target price on Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price target on shares of Red Cat in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Red Cat presently has an average rating of “Moderate Buy” and an average target price of $19.33.

Red Cat Stock Performance

The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -34.91 and a beta of 1.53. The business’s 50 day moving average is $12.73 and its 200-day moving average is $10.73.

Institutional Trading of Red Cat

Institutional investors have recently modified their holdings of the stock. State Street Corp increased its stake in shares of Red Cat by 136.4% during the fourth quarter. State Street Corp now owns 6,612,153 shares of the company’s stock worth $52,434,000 after purchasing an additional 3,815,310 shares in the last quarter. Vanguard Group Inc. lifted its stake in Red Cat by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock valued at $47,580,000 after buying an additional 493,660 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Red Cat by 13.4% in the 4th quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company’s stock worth $19,991,000 after buying an additional 297,967 shares during the last quarter. AWM Investment Company Inc. boosted its holdings in Red Cat by 15.3% in the 2nd quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock worth $14,834,000 after buying an additional 269,942 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in Red Cat during the 3rd quarter worth approximately $19,739,000. 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.