Apis Capital Advisors LLC Acquires 32,000 Shares of Red Cat Holdings, Inc. $RCAT

Key Points

• Apis Capital Advisors LLC increased its stake in Red Cat Holdings, owning 682,000 shares after acquiring an additional 32,000 shares in Q1, representing 1.9% of its investment portfolio.
• Multiple hedge funds have recently strengthened their positions in Red Cat, with notable increases from Wells Fargo (up 446.5%) and Barclays PLC (up 1,090.4%) during the fourth quarter.
• Red Cat Holdings currently has an average analyst rating of "Strong Buy" and a price target of $16.00, with one analyst upgrading it from a "sell" rating to a "hold."

Apis Capital Advisors LLC boosted its stake in Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 682,000 shares of the company's stock after purchasing an additional 32,000 shares during the period. Red Cat comprises about 1.9% of Apis Capital Advisors LLC's holdings, making the stock its 19th largest holding. Apis Capital Advisors LLC owned about 0.75% of Red Cat worth $4,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Bank of America Corp DE increased its position in Red Cat by 407.0% in the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company's stock valued at $44,000 after acquiring an additional 2,727 shares during the period. Squarepoint Ops LLC increased its position in Red Cat by 23.0% in the 4th quarter. Squarepoint Ops LLC now owns 15,496 shares of the company's stock valued at $199,000 after acquiring an additional 2,902 shares during the period. U.S. Capital Wealth Advisors LLC increased its position in Red Cat by 30.0% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 14,070 shares of the company's stock valued at $83,000 after acquiring an additional 3,250 shares during the period. Western Wealth Management LLC increased its position in Red Cat by 18.1% in the 1st quarter. Western Wealth Management LLC now owns 23,500 shares of the company's stock valued at $138,000 after acquiring an additional 3,600 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Red Cat by 4.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 120,297 shares of the company's stock valued at $707,000 after acquiring an additional 4,587 shares during the period. Institutional investors own 37.97% of the company's stock.

Insiders Place Their Bets

In other Red Cat news, Director Nicholas Reyland Liuzza, Jr. sold 100,000 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $8.58, for a total value of $858,000.00. Following the completion of the sale, the director directly owned 387,445 shares in the company, valued at approximately $3,324,278.10. This trade represents a 20.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph David Freedman sold 150,000 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $7.37, for a total transaction of $1,105,500.00. Following the completion of the sale, the director owned 165,260 shares of the company's stock, valued at $1,217,966.20. The trade was a 47.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 276,833 shares of company stock worth $2,214,060. 15.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Red Cat Stock Down 3.5%

NASDAQ:RCAT traded down $0.31 during trading hours on Wednesday, reaching $8.57. The company had a trading volume of 2,656,718 shares, compared to its average volume of 7,527,311. The firm has a market cap of $854.94 million, a price-to-earnings ratio of -15.87 and a beta of 1.44. The business's 50-day simple moving average is $8.84 and its two-hundred day simple moving average is $7.23. Red Cat Holdings, Inc. has a twelve month low of $2.31 and a twelve month high of $15.27.

Red Cat Profile

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.