Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report) dropped 7.7% on Tuesday . The stock traded as low as $10.81 and last traded at $11.50. Approximately 12,545,976 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 15,532,479 shares. The stock had previously closed at $12.46.
Wall Street Analysts Forecast Growth
RCAT has been the topic of several recent research reports. Roth Mkm initiated coverage on Red Cat in a research note on Monday, June 1st. They issued a “buy” rating and a $25.00 price target on the stock. Wall Street Zen raised Red Cat from a “strong sell” rating to a “sell” rating in a research note on Saturday. HC Wainwright initiated coverage on Red Cat in a research note on Wednesday, May 27th. They issued a “buy” rating and a $20.00 price target on the stock. Clear Str raised Red Cat to a “strong-buy” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $21.40.
View Our Latest Stock Report on RCAT
Red Cat Price Performance
Red Cat (NASDAQ:RCAT – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). Red Cat had a negative return on equity of 35.86% and a negative net margin of 138.36%.The company had revenue of $15.47 million during the quarter, compared to analysts’ expectations of $17.63 million. Red Cat’s quarterly revenue was up 849.1% compared to the same quarter last year. On average, equities analysts expect that Red Cat Holdings, Inc. will post -0.68 earnings per share for the current year.
Institutional Investors Weigh In On Red Cat
Institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp purchased a new stake in shares of Red Cat in the first quarter worth $33,000. IFP Advisors Inc grew its stake in shares of Red Cat by 181.1% in the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after acquiring an additional 1,720 shares during the last quarter. NFSG Corp grew its stake in shares of Red Cat by 200.0% in the first quarter. NFSG Corp now owns 3,000 shares of the company’s stock worth $39,000 after acquiring an additional 2,000 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Red Cat by 294.6% in the first quarter. PNC Financial Services Group Inc. now owns 3,042 shares of the company’s stock worth $40,000 after acquiring an additional 2,271 shares during the last quarter. Finally, Montag A & Associates Inc. lifted its holdings in shares of Red Cat by 552.0% during the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after purchasing an additional 2,760 shares in the last quarter. 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.
Featured Stories
- Five stocks we like better than Red Cat
- The Bank of Mom and Dad Is Booming—3 Stocks to Watch
- Corning Is Paving AI’s Future With Glass
- Why’s Amazon Suddenly Lagging the S&P 500, and Is It a Warning?
- Crypto Winter Is Here: 3 Stocks To Put On Ice This Summer
Receive News & Ratings for Red Cat Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Cat and related companies with MarketBeat.com's FREE daily email newsletter.
