Evercore began coverage on shares of Red Cat (NASDAQ:RCAT – Free Report) in a research report sent to investors on Monday, MarketBeat reports. The firm issued an outperform rating and a $15.00 price target on the stock.
Other analysts have also issued research reports about the stock. Roth Capital assumed coverage on shares of Red Cat in a report on Monday, June 1st. They issued a “buy” rating and a $25.00 price target for the company. Wall Street Zen downgraded Red Cat from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. Needham & Company LLC decreased their price objective on Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research note on Friday, July 17th. Finally, UBS Group started coverage on Red Cat in a research report on Wednesday, May 27th. They set a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.
Get Our Latest Stock Analysis on RCAT
Red Cat Stock Up 0.8%
Red Cat (NASDAQ:RCAT – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). The company had revenue of $20.20 million for the quarter, compared to the consensus estimate of $22.65 million. Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%. As a group, sell-side analysts anticipate that Red Cat will post -0.78 EPS for the current year.
Insider Activity at Red Cat
In other Red Cat news, Director Christopher R. Moe sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $10.51, for a total value of $210,200.00. Following the transaction, the director directly owned 200,502 shares of the company’s stock, valued at approximately $2,107,276.02. This trade represents a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Funk II sold 165,028 shares of Red Cat stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $11.50, for a total transaction of $1,897,822.00. The SEC filing for this sale provides additional information. Insiders have sold 240,028 shares of company stock worth $2,692,672 over the last ninety days. Company insiders own 12.50% of the company’s stock.
Institutional Trading of Red Cat
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in Red Cat by 407.0% in the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after purchasing an additional 2,727 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Red Cat by 76.4% in the first quarter. Royal Bank of Canada now owns 57,800 shares of the company’s stock valued at $340,000 after purchasing an additional 25,031 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Red Cat by 63.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 229,259 shares of the company’s stock valued at $1,348,000 after buying an additional 89,095 shares during the last quarter. Goldman Sachs Group Inc. increased 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 during the last quarter. Finally, Cetera Investment Advisers bought a new stake in Red Cat during the 2nd quarter worth about $97,000. 37.97% of the stock is owned by institutional investors.
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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