Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT – Get Free Report) shot up 3.2% during trading on Thursday. The company traded as high as $6.83 and last traded at $6.80. 8,387,248 shares were traded during trading, a decline of 36% from the average daily volume of 13,064,729 shares. The stock had previously closed at $6.59.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on RCAT shares. UBS Group assumed coverage on Red Cat in a research report on Wednesday, May 27th. They set a “buy” rating on the stock. Evercore started coverage on Red Cat in a research note on Monday, August 31st. They issued an “outperform” rating and a $15.00 price objective for the company. Roth Capital assumed coverage on shares of Red Cat in a research note on Monday, June 1st. They set a “buy” rating and a $25.00 price objective for the company. Needham & Company LLC dropped their target price 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, Northland Securities set a $13.00 price objective on shares of Red Cat in a research report on Thursday, September 17th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.71.
Read Our Latest Report on RCAT
Red Cat Stock Performance
Red Cat (NASDAQ:RCAT – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share 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 during the quarter, compared to the consensus estimate of $22.65 million. On average, equities research analysts forecast that Red Cat Holdings, Inc. will post -0.79 EPS for the current year.
Insiders Place Their Bets
In other Red Cat news, CEO Jeffrey Thompson sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $7.74, for a total value of $1,161,000.00. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nicholas Liuzza, Jr. sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $10.63, for a total transaction of $584,650.00. Following the completion of the sale, the director directly owned 489,874 shares in the company, valued at approximately $5,207,360.62. This trade represents a 10.09% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 225,000 shares of company stock worth $1,955,850. Corporate insiders own 12.50% of the company’s stock.
Institutional Investors Weigh In On Red Cat
A number of institutional investors and hedge funds have recently modified their holdings of RCAT. State Street Corp lifted its holdings in Red Cat by 68.8% in the 2nd quarter. State Street Corp now owns 12,091,447 shares of the company’s stock worth $128,774,000 after purchasing an additional 4,928,540 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Red Cat by 4.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,008 shares of the company’s stock valued at $522,000 after acquiring an additional 1,961 shares in the last quarter. WINTON GROUP Ltd increased its stake in shares of Red Cat by 289.5% during the 2nd quarter. WINTON GROUP Ltd now owns 107,890 shares of the company’s stock worth $1,149,000 after purchasing an additional 80,190 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Red Cat in the second quarter valued at about $42,000. Finally, Arizona State Retirement System lifted its position in shares of Red Cat by 23.4% during the 2nd quarter. Arizona State Retirement System now owns 36,426 shares of the company’s stock worth $388,000 after buying an additional 6,917 shares during the last quarter. Institutional investors and hedge funds own 37.97% of the company’s stock.
About Red Cat
Red Cat Holdings, Inc is a drone technology company that develops and supplies small unmanned aircraft systems for military, government, public safety and commercial applications. Its solutions are designed to support intelligence, surveillance and reconnaissance, situational awareness, and other missions requiring portable and rapidly deployable aerial systems.
Through its Teal Drones business, Red Cat offers the Teal 2 and related Black Widow systems, compact drones designed for defense and public-safety users.
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