Red Cat (NASDAQ:RCAT) Stock Price Down 9.2% – Time to Sell?

Red Cat Holdings, Inc. (NASDAQ:RCAT) traded down 9.2% during trading on Monday . The stock traded as low as $10.20 and last traded at $10.2180. 4,925,176 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 8,781,169 shares. The stock had previously closed at $11.25.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a research report on Thursday, October 2nd. Needham & Company LLC assumed coverage on Red Cat in a research report on Friday, October 3rd. They issued a “buy” rating and a $17.00 target price for the company. Wall Street Zen downgraded shares of Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Northland Securities set a $16.00 price target on shares of Red Cat in a research note on Friday, August 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $16.50.

Red Cat Trading Down 8.7%

The company has a 50 day moving average of $11.02 and a 200 day moving average of $8.79. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -22.42 and a beta of 1.45.

Insider Buying and Selling

In related news, Director Christopher R. Moe sold 10,000 shares of the business’s stock in a transaction on Monday, September 29th. The stock was sold at an average price of $10.91, for a total value of $109,100.00. Following the sale, the director owned 53,073 shares of the company’s stock, valued at $579,026.43. The trade was a 15.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders sold 86,833 shares of company stock valued at $861,560. 15.30% of the stock is owned by insiders.

Institutional Trading of Red Cat

Institutional investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its stake in Red Cat by 28.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company’s stock valued at $1,565,000 after buying an additional 59,334 shares in the last quarter. Toth Financial Advisory Corp acquired a new position in Red Cat in the second quarter worth $202,000. Integrated Wealth Concepts LLC boosted its stake in Red Cat by 66.0% in the first quarter. Integrated Wealth Concepts LLC now owns 195,225 shares of the company’s stock worth $1,148,000 after purchasing an additional 77,630 shares in the last quarter. Truist Financial Corp acquired a new position in Red Cat in the second quarter worth $167,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in Red Cat in the second quarter worth $180,000. Institutional investors and hedge funds own 37.97% of the company’s stock.

Red Cat Company Profile

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.