Red Cat (NASDAQ:RCAT) Sets New 52-Week High – Still a Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price reached a new 52-week high on Friday . The stock traded as high as $18.78 and last traded at $18.37, with a volume of 17202065 shares trading hands. The stock had previously closed at $15.08.

Analyst Upgrades and Downgrades

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

Red Cat Stock Performance

The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -39.25 and a beta of 1.53. The company has a fifty day simple moving average of $12.59 and a two-hundred day simple moving average of $10.68.

Hedge Funds Weigh In On Red Cat

Large investors have recently added to or reduced their stakes in the business. State Street Corp increased its stake in shares of Red Cat by 136.4% during the 4th quarter. State Street Corp now owns 6,612,153 shares of the company’s stock valued at $52,434,000 after acquiring an additional 3,815,310 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Red Cat by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock worth $47,580,000 after buying an additional 493,660 shares during the period. Geode Capital Management LLC raised its position in shares of 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 period. AWM Investment Company Inc. boosted its holdings 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 valued at $14,834,000 after acquiring an additional 269,942 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in Red Cat during the third quarter valued at about $19,739,000. 37.97% of the stock is currently owned by hedge funds and other institutional investors.

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.