Janus Henderson Group PLC Purchases 345,693 Shares of Red Cat Holdings, Inc. $RCAT

Key Points

• Janus Henderson increased its Red Cat Holdings position by 733.7% in the first quarter, purchasing 345,693 additional shares and bringing its total to 392,808 shares worth approximately $5.14 million. Institutional investors and hedge funds collectively own 37.97% of RCAT.
• Analyst sentiment is mixed but leans positive, with a consensus “Buy” rating and an average price target of $21.40. Ratings range from “Strong Buy” to “Sell,” including HC Wainwright’s $20 target.
• Red Cat’s latest quarterly results fell short of expectations: the company reported a loss of $0.26 per share versus the $0.21 consensus estimate and revenue of $20.2 million versus forecasts of $22.65 million. Shares opened at $8.67, while a company director separately sold 165,028 shares for about $1.9 million.

Janus Henderson Group PLC grew its position in Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) by 733.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 392,808 shares of the company's stock after acquiring an additional 345,693 shares during the period. Janus Henderson Group PLC owned about 0.32% of Red Cat worth $5,141,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. IFP Advisors Inc lifted its stake in Red Cat by 181.1% in the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company's stock valued at $28,000 after purchasing an additional 1,720 shares during the last quarter. Fifth Third Bancorp bought a new stake in Red Cat in the first quarter valued at approximately $33,000. California State Teachers Retirement System acquired a new stake in shares of Red Cat in the second quarter valued at approximately $34,000. NFSG Corp lifted its position in shares of Red Cat by 200.0% in the first quarter. NFSG Corp now owns 3,000 shares of the company's stock valued at $39,000 after buying an additional 2,000 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Red Cat by 294.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,042 shares of the company's stock worth $40,000 after acquiring an additional 2,271 shares during the period. 37.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Red Cat news, Director Paul Funk II sold 165,028 shares of the firm'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 document filed with the SEC, which can be accessed through this link. 12.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RCAT has been the topic of a number of recent analyst reports. HC Wainwright assumed coverage on Red Cat in a report on Wednesday, May 27th. They set a "buy" rating and a $20.00 target price on the stock. Wall Street Zen cut shares of Red Cat from a "sell" rating to a "strong sell" rating in a research report on Saturday, July 18th. Clear Str upgraded shares of Red Cat to a "strong-buy" rating in a report on Wednesday, April 29th. UBS Group began coverage on shares of Red Cat in a report on Wednesday, May 27th. They issued a "buy" rating on the stock. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Red Cat in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $21.40.

Red Cat Trading Up 0.1%

Shares of RCAT stock opened at $8.67 on Friday. The stock has a market cap of $1.06 billion, a P/E ratio of -12.39 and a beta of 1.31. Red Cat Holdings, Inc. has a 1 year low of $5.77 and a 1 year high of $18.78. The stock has a 50 day simple moving average of $9.99 and a 200 day simple moving average of $11.85.

Red Cat (NASDAQ:RCAT - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.05). Red Cat had a negative net margin of 138.36% and a negative return on equity of 35.86%. The company had revenue of $20.20 million during the quarter, compared to analyst estimates of $22.65 million. Analysts forecast that Red Cat Holdings, Inc. will post -0.68 EPS for the current year.

Red Cat Profile

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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