Invesco Ltd. Purchases 72,678 Shares of Red Cat Holdings, Inc. $RCAT

Key Points

• Invesco Ltd. significantly increased its stake in Red Cat Holdings, Inc. by 309.8%, acquiring an additional 72,678 shares, totaling 96,134 shares valued at $565,000.
• Hedge funds are actively investing in Red Cat, with Captrust Financial Advisors purchasing a position worth $4.26 million and Moors & Cabot Inc. increasing their holdings by 293.0% in Q1 2023.
• Analysts have upgraded Red Cat's stock to an average rating of "Strong Buy," with a target price set at $16.00.

Invesco Ltd. raised its position in Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) by 309.8% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 96,134 shares of the company's stock after buying an additional 72,678 shares during the period. Invesco Ltd. owned about 0.11% of Red Cat worth $565,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Captrust Financial Advisors bought a new position in Red Cat in the 4th quarter valued at $4,262,000. Moors & Cabot Inc. boosted its position in Red Cat by 293.0% in the 1st quarter. Moors & Cabot Inc. now owns 169,600 shares of the company's stock valued at $997,000 after buying an additional 126,450 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Red Cat in the 4th quarter valued at $1,801,000. OMERS ADMINISTRATION Corp bought a new position in Red Cat in the 4th quarter valued at $1,714,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted 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 buying an additional 4,587 shares during the last quarter. 37.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RCAT shares. Wall Street Zen upgraded Red Cat from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Northland Securities set a $16.00 target price on Red Cat in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Strong Buy" and an average target price of $16.00.

Red Cat Stock Performance

RCAT opened at $8.51 on Friday. The business's fifty day moving average is $8.89 and its 200-day moving average is $7.24. The firm has a market cap of $848.96 million, a P/E ratio of -15.76 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.

Insider Buying and Selling at Red Cat

In other Red Cat news, Director Nicholas Reyland Liuzza, Jr. sold 100,000 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $8.58, for a total value of $858,000.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Christopher R. Moe sold 16,833 shares of the 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 completion of the transaction, the director owned 113,073 shares of the company's stock, valued at $1,083,239.34. This represents a 12.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 276,833 shares of company stock valued at $2,214,060. 15.30% of the stock is currently owned by corporate insiders.

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.

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