Red Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report) shares traded down 2% during mid-day trading on Thursday. The company traded as low as $6.31 and last traded at $6.33. Approximately 5,619,497 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 12,875,620 shares. The stock had previously closed at $6.46.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on RCAT. Needham & Company LLC dropped their target price on shares of Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, August 7th. HC Wainwright reissued a “buy” rating and set a $20.00 price target on shares of Red Cat in a research report on Friday, August 7th. Evercore assumed coverage on shares of Red Cat in a report on Monday, August 31st. They set an “outperform” rating and a $15.00 target price for the company. Northland Securities set a $13.00 price target on Red Cat in a research report on Thursday, September 17th. Finally, Piper Sandler started coverage on Red Cat in a research note on Wednesday, September 2nd. They issued a “neutral” rating and a $9.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Red Cat presently has an average rating of “Moderate Buy” and a consensus price target of $16.71.
Get Our Latest Research Report on Red Cat
Red Cat Price Performance
Red Cat (NASDAQ:RCAT – Get Free Report) last posted its earnings results 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 during 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%. On average, analysts predict that Red Cat Holdings, Inc. will post -0.79 EPS for the current year.
Insider Transactions at Red Cat
In other Red Cat news, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $10.63, for a total value of $584,650.00. Following the transaction, the director owned 489,874 shares of the company’s stock, valued at approximately $5,207,360.62. This represents a 10.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey M. Thompson sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $7.74, for a total value of $1,161,000.00. Following the completion of the transaction, the chief executive officer directly owned 11,712,202 shares in the company, valued at $90,652,443.48. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 225,000 shares of company stock worth $1,955,850 in the last ninety days. Insiders own 12.50% of the company’s stock.
Institutional Investors Weigh In On Red Cat
Hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp bought a new position in Red Cat in the first quarter worth approximately $33,000. Allworth Financial LP purchased a new position in shares of Red Cat during the 2nd quarter worth $28,000. NFSG Corp grew its position in shares of Red Cat by 200.0% during the 1st quarter. NFSG Corp now owns 3,000 shares of the company’s stock valued at $39,000 after acquiring an additional 2,000 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Red Cat by 294.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,042 shares of the company’s stock valued at $40,000 after acquiring an additional 2,271 shares during the period. Finally, KBC Group NV purchased a new stake in shares of Red Cat in the 1st quarter worth $45,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.
About Red Cat
Red Cat Holdings, Inc is a drone technology company that develops and supplies unmanned aircraft systems for defense, government, public safety and commercial applications. The company focuses on autonomous and remotely operated aerial systems designed to support intelligence, surveillance and reconnaissance missions, including operations in contested or GPS-denied environments.
Red Cat’s product portfolio includes the Teal 2 small unmanned aircraft system, a compact drone designed for close-range reconnaissance and situational awareness.
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