Goldman Sachs Group Inc. Grows Stock Position in 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. lifted 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 Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 266,099 shares of the company's stock after purchasing an additional 59,334 shares during the quarter. Goldman Sachs Group Inc. owned 0.29% of Red Cat worth $1,565,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RCAT. Apis Capital Advisors LLC grew its stake in shares of Red Cat by 4.9% in the first quarter. Apis Capital Advisors LLC now owns 682,000 shares of the company's stock valued at $4,010,000 after acquiring an additional 32,000 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Red Cat by 63.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 229,259 shares of the company's stock worth $1,348,000 after acquiring an additional 89,095 shares during the last quarter. GW Henssler & Associates Ltd. bought a new position in Red Cat in the 1st quarter valued at approximately $1,297,000. Integrated Wealth Concepts LLC increased its position in Red Cat by 66.0% during the 1st quarter. Integrated Wealth Concepts LLC now owns 195,225 shares of the company's stock valued at $1,148,000 after purchasing an additional 77,630 shares during the period. Finally, Moors & Cabot Inc. increased its position in Red Cat by 293.0% during the 1st quarter. Moors & Cabot Inc. now owns 169,600 shares of the company's stock valued at $997,000 after purchasing an additional 126,450 shares during the period. 37.97% of the stock is owned by institutional investors.

Red Cat Trading Up 8.3%

RCAT traded up $0.87 on Monday, hitting $11.33. 18,141,459 shares of the company's stock traded hands, compared to its average volume of 7,850,436. Red Cat Holdings, Inc. has a one year low of $2.31 and a one year high of $15.27. The company's 50 day simple moving average is $9.51 and its 200-day simple moving average is $7.49. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -21.11 and a beta of 1.44.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wall Street Zen raised 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 objective on Red Cat in a research report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Strong Buy" and a consensus target price of $16.00.

Insider Buying and Selling at Red Cat

In other news, Director Christopher R. Moe sold 10,000 shares of the business's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $10.96, for a total value of $109,600.00. Following the completion of the transaction, the director directly owned 63,073 shares of the company's stock, valued at approximately $691,280.08. The trade was a 13.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Joseph David Freedman sold 150,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $7.37, for a total value of $1,105,500.00. Following the transaction, the director directly owned 165,260 shares in the company, valued at $1,217,966.20. This 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 226,833 shares of company stock valued at $1,857,960 over the last quarter. Company insiders own 15.30% of the company's stock.

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.