Empowered Funds LLC Purchases Shares of 170,532 Red Cat Holdings, Inc. $RCAT

Key Points

• Empowered Funds LLC acquired 170,532 Red Cat shares valued at approximately $2.23 million, giving it a 0.14% stake. Institutional investors and hedge funds collectively own 37.97% of the company.
• Analyst sentiment is broadly positive but mixed: the stock has an average “Buy” rating and a $21.40 target price, although some firms maintain “Sell” or “Strong Sell” views.
• Red Cat shares opened at $8.66, down 2.3%, while the company’s latest quarter showed a $0.22 per-share loss and revenue below estimates despite 849.1% year-over-year revenue growth. Director Paul Funk II also sold 165,028 shares for about $1.90 million.

Empowered Funds LLC acquired a new position in Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 170,532 shares of the company's stock, valued at approximately $2,232,000. Empowered Funds LLC owned about 0.14% of Red Cat as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Arizona State Retirement System lifted its holdings in Red Cat by 3.0% during the 4th quarter. Arizona State Retirement System now owns 29,311 shares of the company's stock worth $232,000 after buying an additional 855 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Red Cat by 0.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 167,084 shares of the company's stock worth $1,325,000 after purchasing an additional 1,147 shares during the last quarter. Advisory Services Network LLC lifted its position in shares of Red Cat by 5.3% in the 3rd quarter. Advisory Services Network LLC now owns 30,200 shares of the company's stock worth $313,000 after purchasing an additional 1,507 shares during the period. IFP Advisors Inc lifted its position in shares of Red Cat by 181.1% in the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company's stock worth $28,000 after purchasing an additional 1,720 shares during the period. Finally, Wealthfront Advisers LLC boosted its stake in shares of Red Cat by 15.7% in the 1st quarter. Wealthfront Advisers LLC now owns 12,959 shares of the company's stock valued at $170,000 after purchasing an additional 1,754 shares during the last quarter. 37.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RCAT. UBS Group began coverage on shares of Red Cat in a research report on Wednesday, May 27th. They set a "buy" rating for the company. Wall Street Zen lowered shares of Red Cat from a "sell" rating to a "strong sell" rating in a research note on Saturday, July 18th. Clear Str raised shares of Red Cat to a "strong-buy" rating in a research note on Wednesday, April 29th. HC Wainwright assumed coverage on Red Cat in a research note on Wednesday, May 27th. They issued a "buy" rating and a $20.00 target price for the company. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Red Cat in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $21.40.

Insider Activity at Red Cat

In other Red Cat news, Director Paul Funk II sold 165,028 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $11.50, for a total value of $1,897,822.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 12.50% of the stock is owned by insiders.

Red Cat Stock Down 2.3%

Shares of Red Cat stock opened at $8.66 on Thursday. Red Cat Holdings, Inc. has a 52 week low of $5.77 and a 52 week high of $18.78. The business has a 50 day moving average price of $10.10 and a 200-day moving average price of $11.88. The company has a market cap of $1.06 billion, a PE ratio of -12.37 and a beta of 1.31.

Red Cat (NASDAQ:RCAT - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.10). The company had revenue of $15.47 million for the quarter, compared to the consensus estimate of $17.63 million. Red Cat had a negative return on equity of 35.86% and a negative net margin of 138.36%.The company's quarterly revenue was up 849.1% compared to the same quarter last year. As a group, research analysts anticipate that Red Cat Holdings, Inc. will post -0.68 EPS for the current year.

About Red Cat

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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