Red Cat (NASDAQ:RCAT) Stock Price Up 14.3% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price traded up 14.3% during trading on Monday . The stock traded as high as $15.68 and last traded at $15.15. 19,308,147 shares were traded during trading, an increase of 15% from the average session volume of 16,734,541 shares. The stock had previously closed at $13.25.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RCAT shares. Needham & Company LLC lifted their price target on Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Wall Street Zen raised shares of Red Cat from a “sell” rating to a “hold” rating in a research note on Saturday. Northland Securities set a $22.00 price target on shares of Red Cat in a research report on Tuesday, January 20th. Finally, LADENBURG THALM/SH SH increased their price objective on shares of Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Red Cat currently has an average rating of “Hold” and an average price target of $20.67.

Red Cat Stock Performance

The business has a 50 day simple moving average of $13.90 and a 200-day simple moving average of $11.19. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of -20.20 and a beta of 1.53.

Red Cat (NASDAQ:RCAT) last announced its quarterly earnings data on Wednesday, March 18th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). Red Cat had a negative net margin of 176.96% and a negative return on equity of 38.86%. The firm had revenue of $26.24 million during the quarter, compared to analysts’ expectations of $24.50 million. Equities analysts predict that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Brevan Howard Capital Management LP purchased a new position in shares of Red Cat in the 3rd quarter valued at about $19,739,000. Rockefeller Capital Management L.P. acquired a new stake in Red Cat in the second quarter valued at approximately $546,000. Tudor Investment Corp ET AL lifted its stake in Red Cat by 214.0% in the third quarter. Tudor Investment Corp ET AL now owns 1,277,523 shares of the company’s stock worth $13,222,000 after acquiring an additional 870,612 shares during the last quarter. AWM Investment Company Inc. lifted its stake in Red Cat by 15.3% in the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock worth $14,834,000 after acquiring an additional 269,942 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new position in Red Cat during the 3rd quarter worth approximately $880,000. 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.