Red Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report) shares dropped 14% during trading on Friday . The stock traded as low as $12.26 and last traded at $12.68. Approximately 16,764,656 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 15,604,924 shares. The stock had previously closed at $14.74.
Analyst Ratings Changes
RCAT has been the topic of several research analyst reports. LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a report on Wednesday, May 6th. HC Wainwright initiated coverage on Red Cat in a research report on Wednesday, May 27th. They issued a “buy” rating and a $20.00 target price on the stock. Clear Str upgraded Red Cat to a “strong-buy” rating in a research report on Wednesday, April 29th. UBS Group initiated coverage on Red Cat in a research report on Wednesday, May 27th. They issued a “buy” rating on the stock. Finally, Needham & Company LLC raised their target price on Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, March 19th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $21.40.
Check Out Our Latest Research Report on RCAT
Red Cat Stock Down 14.0%
Red Cat (NASDAQ:RCAT – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.10). Red Cat had a negative net margin of 138.36% and a negative return on equity of 35.86%. The firm had revenue of $15.47 million during the quarter, compared to analysts’ expectations of $17.63 million. The business’s revenue was up 849.1% compared to the same quarter last year. Research analysts forecast that Red Cat Holdings, Inc. will post -0.68 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Red Cat
Institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp purchased a new position in Red Cat during the first quarter worth approximately $33,000. IFP Advisors Inc lifted its position in Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after buying an additional 1,720 shares in the last quarter. NFSG Corp lifted its position in Red Cat by 200.0% during the first quarter. NFSG Corp now owns 3,000 shares of the company’s stock worth $39,000 after buying an additional 2,000 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Red Cat by 294.6% during the first quarter. PNC Financial Services Group Inc. now owns 3,042 shares of the company’s stock worth $40,000 after buying an additional 2,271 shares in the last quarter. Finally, Montag A & Associates Inc. lifted 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 buying an additional 2,760 shares in the last quarter. Hedge funds and other institutional investors 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.
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