Everstar Asset Management LLC Takes $211,000 Position in Red Cat Holdings, Inc. $RCAT

Key Points

• Everstar Asset Management LLC acquired a new stake in Red Cat Holdings, Inc. valued at approximately $211,000 by purchasing 35,938 shares in the first quarter.
• Recent analyst reports indicate an average rating of "Strong Buy" for Red Cat, with a consensus price target of $16.00.
• Insider transactions revealed significant sales, with directors selling a total of 176,833 shares over the last three months, amounting to $1,356,060 in value.

Everstar Asset Management LLC acquired a new stake in Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 35,938 shares of the company's stock, valued at approximately $211,000.

Other hedge funds also recently modified their holdings of the company. GW Henssler & Associates Ltd. bought a new stake in Red Cat during the 1st quarter valued at $1,297,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Red Cat during the 4th quarter valued at $1,801,000. OMERS ADMINISTRATION Corp bought a new stake in shares of Red Cat in the 4th quarter worth $1,714,000. Moors & Cabot Inc. grew its stake in shares of Red Cat by 293.0% in the 1st quarter. Moors & Cabot Inc. now owns 169,600 shares of the company's stock worth $997,000 after acquiring an additional 126,450 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Red Cat by 66.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 195,225 shares of the company's stock worth $1,148,000 after acquiring an additional 77,630 shares in the last quarter. Institutional investors own 37.97% of the company's stock.

Wall Street Analysts Forecast Growth

RCAT has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Red Cat from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Northland Securities set a $16.00 target price on shares of Red Cat in a research note on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Strong Buy" and a consensus price target of $16.00.

Insider Transactions at Red Cat

In related news, Director Christopher R. Moe sold 16,833 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $9.58, for a total value of $161,260.14. Following the transaction, the director directly owned 113,073 shares of the company's stock, valued at approximately $1,083,239.34. The trade was a 12.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph David Freedman sold 150,000 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 165,260 shares in the company, valued at $1,217,966.20. This trade represents a 47.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 176,833 shares of company stock worth $1,356,060 over the last three months. 15.30% of the stock is owned by insiders.

Red Cat Trading Down 2.8%

Shares of NASDAQ:RCAT traded down $0.25 during midday trading on Tuesday, reaching $8.62. The company had a trading volume of 3,668,359 shares, compared to its average volume of 5,987,388. The company's 50 day moving average price is $8.98 and its 200 day moving average price is $7.24. The stock has a market cap of $859.93 million, a P/E ratio of -15.96 and a beta of 1.44. Red Cat Holdings, Inc. has a 52-week low of $2.31 and a 52-week high of $15.27.

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.