Jeffrey Thompson Sells 150,000 Shares of Red Cat (NASDAQ:RCAT) Stock

Red Cat Holdings, Inc. (NASDAQ:RCAT) CEO Jeffrey Thompson sold 150,000 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $7.74, for a total value of $1,161,000.00. Following the completion of the sale, the chief executive officer directly owned 11,712,202 shares in the company, valued at $90,652,443.48. This represents a 1.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Red Cat Price Performance

Shares of RCAT remained flat at $7.09 during midday trading on Thursday. The stock had a trading volume of 11,749,362 shares, compared to its average volume of 6,310,284. Red Cat Holdings, Inc. has a fifty-two week low of $5.77 and a fifty-two week high of $18.78. The firm has a market capitalization of $870.23 million, a price-to-earnings ratio of -8.75 and a beta of 1.35. The company has a 50-day moving average price of $8.60 and a 200-day moving average price of $10.93.

Red Cat (NASDAQ:RCAT) last released its earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). The firm had revenue of $20.20 million for the quarter, compared to analysts’ expectations of $22.65 million. Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%. On average, analysts anticipate that Red Cat Holdings, Inc. will post -0.77 EPS for the current year.

Institutional Investors Weigh In On Red Cat

Several institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its holdings in Red Cat by 4.2% in the second quarter. The Manufacturers Life Insurance Company now owns 49,008 shares of the company’s stock valued at $522,000 after purchasing an additional 1,961 shares in the last quarter. WINTON GROUP Ltd raised its holdings in Red Cat by 289.5% during the second quarter. WINTON GROUP Ltd now owns 107,890 shares of the company’s stock worth $1,149,000 after purchasing an additional 80,190 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Red Cat during the 2nd quarter worth approximately $42,000. Arizona State Retirement System lifted its position in shares of Red Cat by 23.4% during the 2nd quarter. Arizona State Retirement System now owns 36,426 shares of the company’s stock worth $388,000 after buying an additional 6,917 shares during the last quarter. Finally, Corient Private Wealth LP boosted its holdings in shares of Red Cat by 135.5% in the 2nd quarter. Corient Private Wealth LP now owns 27,310 shares of the company’s stock valued at $291,000 after buying an additional 15,712 shares in the last quarter. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on RCAT shares. Roth Capital started coverage on shares of Red Cat in a research report on Monday, June 1st. They issued a “buy” rating and a $25.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and set a $20.00 price objective on shares of Red Cat in a research report on Friday, August 7th. Wall Street Zen cut shares of Red Cat from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. Piper Sandler began coverage on shares of Red Cat in a research note on Wednesday, September 2nd. They set a “neutral” rating and a $9.00 target price for the company. Finally, Northland Securities set a $13.00 target price on Red Cat in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $16.71.

About Red Cat

Red Cat Holdings, Inc is a drone technology company that develops and supplies small unmanned aircraft systems for military, government, public safety and commercial applications. Its solutions are designed to support intelligence, surveillance and reconnaissance, situational awareness, and other missions requiring portable and rapidly deployable aerial systems.

Through its Teal Drones business, Red Cat offers the Teal 2 and related Black Widow systems, compact drones designed for defense and public-safety users.