Goldman Sachs Group Inc. Purchases 59,334 Shares of Red Cat Holdings, Inc. $RCAT

Key Points

• Goldman Sachs Group Inc. increased its stake in Red Cat Holdings, Inc. by 28.7%, acquiring an additional 59,334 shares, bringing its total ownership to 266,099 shares valued at approximately $1,565,000.
• Several institutional investors have also significantly increased their holdings in Red Cat, with Bank of America raising its stakes by 407.0% in the last quarter.
• Analysts have upgraded Red Cat's stock to a "hold" rating with a consensus price target set at $16.00, reflecting positive sentiment in the market.

Goldman Sachs Group Inc. increased its holdings in Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) by 28.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 266,099 shares of the company's stock after purchasing an additional 59,334 shares during the period. Goldman Sachs Group Inc. owned 0.29% of Red Cat worth $1,565,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in RCAT. Bank of America Corp DE lifted its holdings 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 worth $44,000 after purchasing 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 worth approximately $1,801,000. Millennium Management LLC lifted its holdings in Red Cat by 44.1% in the 4th quarter. Millennium Management LLC now owns 60,864 shares of the company's stock worth $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 worth approximately $180,000. Finally, Tidal Investments LLC purchased a new position in Red Cat in the 4th quarter worth approximately $270,000. 37.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Joseph David Freedman sold 150,000 shares of the 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 transaction, the director owned 165,260 shares of the company's stock, valued at approximately $1,217,966.20. This represents a 47.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher R. Moe sold 30,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $10.11, for a total value of $303,300.00. Following the transaction, the director directly owned 73,073 shares in the company, valued at $738,768.03. The trade was a 29.11% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 226,833 shares of company stock worth $1,857,960 in the last three months. Corporate insiders own 15.30% of the company's stock.

Red Cat Stock Performance

Red Cat stock traded up $1.10 during mid-day trading on Tuesday, hitting $12.42. The company's stock had a trading volume of 7,684,650 shares, compared to its average volume of 7,855,755. The company has a 50 day moving average of $9.53 and a 200-day moving average of $7.53. The stock has a market cap of $1.24 billion, a PE ratio of -23.13 and a beta of 1.44. Red Cat Holdings, Inc. has a one year low of $2.31 and a one year high of $15.27.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RCAT shares. Wall Street Zen raised Red Cat from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Northland Securities set a $16.00 price target 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 MarketBeat.com, the company has an average rating of "Strong Buy" and an average price target of $16.00.

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.