Red Cat (NASDAQ:RCAT) Trading Up 5.4% – Still a Buy?

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) traded up 5.4% during trading on Tuesday . The stock traded as high as $15.25 and last traded at $14.41. 19,283,522 shares changed hands during mid-day trading, an increase of 15% from the average session volume of 16,839,180 shares. The stock had previously closed at $13.67.

Wall Street Analysts Forecast Growth

RCAT has been the topic of a number of research analyst reports. Northland Securities set a $22.00 target price on shares of Red Cat in a research note on Tuesday. Needham & Company LLC increased their price objective on Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Red Cat presently has a consensus rating of “Buy” and a consensus price target of $19.00.

Red Cat Stock Up 5.4%

The company has a market cap of $1.72 billion, a PE ratio of -32.75 and a beta of 1.48. The firm has a 50 day simple moving average of $8.80 and a 200-day simple moving average of $9.68.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The business had revenue of $9.65 million for the quarter, compared to analyst estimates of $8.18 million. As a group, equities analysts anticipate that Red Cat Holdings, Inc. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Red Cat

Several institutional investors and hedge funds have recently bought and sold shares of RCAT. Harbor Capital Advisors Inc. acquired a new position in shares of Red Cat during the fourth quarter worth $272,000. CoreCap Advisors LLC boosted its position in shares of Red Cat by 24.0% in the 4th quarter. CoreCap Advisors LLC now owns 10,850 shares of the company’s stock worth $86,000 after purchasing an additional 2,099 shares in the last quarter. Byrne Asset Management LLC acquired a new stake in shares of Red Cat in the 4th quarter worth $175,000. Wealth Management Partners LLC grew its stake in Red Cat by 90.4% during the 4th quarter. Wealth Management Partners LLC now owns 20,697 shares of the company’s stock worth $164,000 after buying an additional 9,827 shares during the last quarter. Finally, DAVENPORT & Co LLC acquired a new position in Red Cat during the 4th quarter valued at about $88,000. 37.97% of the stock is 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.