Van ECK Associates Corp purchased a new position in shares of Red Cat Holdings, Inc. (NASDAQ:RCAT – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,553,337 shares of the company’s stock, valued at approximately $27,193,000. Van ECK Associates Corp owned 2.08% of Red Cat as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in the company. Arizona State Retirement System raised its stake in Red Cat by 3.0% in the 4th quarter. Arizona State Retirement System now owns 29,311 shares of the company’s stock valued at $232,000 after acquiring an additional 855 shares during the period. CoreCap Advisors LLC increased its stake in shares of Red Cat by 13.8% in the second quarter. CoreCap Advisors LLC now owns 9,039 shares of the company’s stock worth $96,000 after purchasing an additional 1,095 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Red Cat by 0.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 167,084 shares of the company’s stock valued at $1,325,000 after purchasing an additional 1,147 shares during the period. Advisory Services Network LLC raised its position in shares of Red Cat by 5.3% in the third quarter. Advisory Services Network LLC now owns 30,200 shares of the company’s stock valued at $313,000 after purchasing an additional 1,507 shares during the period. Finally, Western Wealth Management LLC lifted its stake in shares of Red Cat by 4.5% during the 1st quarter. Western Wealth Management LLC now owns 36,722 shares of the company’s stock valued at $481,000 after buying an additional 1,570 shares in the last quarter. Hedge funds and other institutional investors own 37.97% of the company’s stock.
Insider Activity
In other news, Director Paul Funk II sold 165,028 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $11.50, for a total transaction of $1,897,822.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of Red Cat stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $10.63, for a total transaction of $584,650.00. Following the sale, the director directly owned 489,874 shares of the company’s stock, valued at $5,207,360.62. This represents a 10.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 240,028 shares of company stock worth $2,692,672. 12.50% of the stock is currently owned by insiders.
Red Cat Stock Performance
Red Cat (NASDAQ:RCAT – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.05). Red Cat had a negative net margin of 136.26% and a negative return on equity of 32.25%. The business had revenue of $20.20 million for the quarter, compared to the consensus estimate of $22.65 million. Sell-side analysts predict that Red Cat Holdings, Inc. will post -0.78 earnings per share for the current year.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the company. Roth Capital initiated coverage on Red Cat in a research report on Monday, June 1st. They issued a “buy” rating and a $25.00 price target for the company. UBS Group started coverage on Red Cat in a research note on Wednesday, May 27th. They issued a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a report on Friday, July 17th. Needham & Company LLC decreased their price target 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. Finally, HC Wainwright reissued a “buy” rating and issued a $20.00 price target on shares of Red Cat in a report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $20.40.
Get Our Latest Stock Report on RCAT
Red Cat 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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