Christopher Moe Sells 10,000 Shares of Red Cat (NASDAQ:RCAT) Stock

Key Points

• Christopher Moe, a director at Red Cat Holdings, sold 10,000 shares of stock at an average price of $8.90, reducing his ownership by 8.84% to approximately 103,073 shares.
• Red Cat's stock decreased by 4.3% to $10.52, with a market capitalization of $1.05 billion and notable fluctuations in average trading volumes.
• Analysts have upgraded Red Cat from a "sell" rating to a "hold" rating, with a price target of $16.00, reflecting a generally positive outlook among analysts.

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) Director Christopher Moe sold 10,000 shares of the company's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $8.90, for a total value of $89,000.00. Following the sale, the director directly owned 103,073 shares of the company's stock, valued at approximately $917,349.70. This represents a 8.84% 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 this hyperlink.

Red Cat Stock Down 4.3%

RCAT traded down $0.47 on Monday, hitting $10.52. 10,114,131 shares of the company traded hands, compared to its average volume of 7,594,965. The company has a 50 day moving average of $9.17 and a 200-day moving average of $7.31. The stock has a market capitalization of $1.05 billion, a PE ratio of -19.48 and a beta of 1.44. Red Cat Holdings, Inc. has a 12-month low of $2.31 and a 12-month high of $15.27.

Hedge Funds Weigh In On Red Cat

A number of large investors have recently modified their holdings of RCAT. Bank of America Corp DE raised its stake in shares of Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company's stock worth $44,000 after buying an additional 2,727 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Red Cat in the 4th quarter valued at approximately $1,801,000. Millennium Management LLC increased its stake in Red Cat by 44.1% in the 4th quarter. Millennium Management LLC now owns 60,864 shares of the company's stock valued at $782,000 after purchasing an additional 18,641 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Red Cat in the 4th quarter valued at approximately $180,000. Finally, Tidal Investments LLC purchased a new position in Red Cat in the 4th quarter valued at approximately $270,000. 37.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on RCAT shares. Wall Street Zen raised Red Cat from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Northland Securities set a $16.00 price objective on Red Cat in a research note on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Strong Buy" and an average target price of $16.00.

About Red Cat

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.

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