Red Cat (NASDAQ:RCAT) Trading Down 2.8% – Here’s What Happened

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) were down 2.8% during trading on Friday . The stock traded as low as $12.14 and last traded at $12.47. Approximately 14,635,268 shares changed hands during mid-day trading, an increase of 8% from the average daily volume of 13,607,772 shares. The stock had previously closed at $12.83.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RCAT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Northland Securities set a $22.00 price objective on Red Cat in a research note on Tuesday, January 20th. Needham & Company LLC upped their target price on Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Finally, LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $19.00.

Red Cat Stock Performance

The stock has a market cap of $1.49 billion, a PE ratio of -28.34 and a beta of 1.50. The company has a 50 day moving average of $11.55 and a two-hundred day moving average of $10.40.

Institutional Trading of Red Cat

Several institutional investors have recently modified their holdings of the stock. IFP Advisors Inc grew its holdings in Red Cat by 181.1% in the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock valued at $28,000 after buying an additional 1,720 shares in the last quarter. Montag A & Associates Inc. increased its position in Red Cat by 552.0% during the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock worth $34,000 after purchasing an additional 2,760 shares during the last quarter. Bank of America Corp DE raised its stake in Red Cat by 407.0% during the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after purchasing an additional 2,727 shares during the period. Global Retirement Partners LLC purchased a new position in Red Cat during the third quarter worth about $36,000. Finally, Penserra Capital Management LLC acquired a new position in Red Cat in the 3rd quarter valued at about $46,000. 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.