Red Cat (NASDAQ:RCAT) Now Covered by Analysts at Piper Sandler

Piper Sandler began coverage on shares of Red Cat (NASDAQ:RCAT) in a report released on Wednesday, Marketbeat reports. The brokerage issued a hold rating and a $9.00 price target on the stock.

A number of other research analysts also recently issued reports on the stock. Needham & Company LLC dropped their target price on shares of Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. UBS Group began coverage on shares of Red Cat in a research note on Wednesday, May 27th. They issued a “buy” rating for the company. Wall Street Zen lowered shares of Red Cat from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

Red Cat Price Performance

Shares of Red Cat stock opened at $8.32 on Wednesday. The stock’s 50-day moving average is $9.00 and its 200 day moving average is $11.25. Red Cat has a one year low of $5.77 and a one year high of $18.78. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -10.27 and a beta of 1.35.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.05). The business had revenue of $20.20 million during the quarter, compared to analyst estimates of $22.65 million. Red Cat had a negative net margin of 136.26% and a negative return on equity of 32.25%. On average, sell-side analysts expect that Red Cat will post -0.78 EPS for the current fiscal year.

Insider Activity at Red Cat

In other news, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $10.63, for a total value of $584,650.00. Following the transaction, the director owned 489,874 shares in the company, valued at $5,207,360.62. This trade represents a 10.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Funk II sold 165,028 shares of Red Cat stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $11.50, for a total value of $1,897,822.00. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 240,028 shares of company stock valued at $2,692,672. 12.50% of the stock is owned by corporate insiders.

Institutional Trading of Red Cat

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Red Cat in the second quarter valued at about $119,610,000. State Street Corp boosted its holdings in 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 during the last quarter. Van ECK Associates Corp bought a new stake in Red Cat in the 2nd quarter worth about $27,193,000. Vanguard Group Inc. grew its position in Red Cat by 43.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,506,377 shares of the company’s stock worth $56,991,000 after purchasing an additional 1,680,929 shares in the last quarter. Finally, Davidson Kempner Capital Management LP purchased a new stake in Red Cat in the 3rd quarter valued at about $17,286,000. Institutional investors own 37.97% of the company’s stock.

About Red Cat

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.