Renaissance Technologies LLC Purchases Shares of 1,415,826 Red Cat Holdings, Inc. $RCAT

Key Points

• Renaissance Technologies initiated a position in Red Cat Holdings, purchasing 1.42 million shares worth approximately $18.5 million, or about 1.15% of the company. Institutional investors and hedge funds collectively own 37.97% of RCAT.
• Analyst sentiment is mixed but leans bullish: RCAT has an average rating of “Buy” and a consensus price target of $21.40, despite some firms maintaining Sell or Strong Sell ratings.
• Red Cat’s latest quarterly results missed expectations, with a $0.22 loss per share versus an expected $0.12 loss and revenue of $15.47 million versus $17.63 million estimated. Revenue nevertheless surged 849.1% year over year, while the stock opened at $7.38 and remains well below its 12-month high of $18.78.

Renaissance Technologies LLC purchased a new stake in Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,415,826 shares of the company's stock, valued at approximately $18,533,000. Renaissance Technologies LLC owned approximately 1.15% of Red Cat at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of RCAT. State Street Corp raised its position in Red Cat by 136.4% in the 4th quarter. State Street Corp now owns 6,612,153 shares of the company's stock valued at $52,434,000 after buying an additional 3,815,310 shares during the last quarter. Vanguard Group Inc. lifted its stake in Red Cat by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company's stock valued at $47,580,000 after acquiring an additional 493,660 shares in the last quarter. Geode Capital Management LLC boosted its position in Red Cat by 13.4% during the 4th quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company's stock worth $19,991,000 after acquiring an additional 297,967 shares during the last quarter. Davidson Kempner Capital Management LP acquired a new position in Red Cat during the 3rd quarter worth approximately $17,286,000. Finally, Tudor Investment Corp ET AL grew its stake in shares of Red Cat by 214.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,277,523 shares of the company's stock worth $13,222,000 after acquiring an additional 870,612 shares in the last quarter. 37.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RCAT has been the topic of a number of recent research reports. UBS Group began coverage on shares of Red Cat in a report on Wednesday, May 27th. They issued a "buy" rating on the stock. Clear Str upgraded shares of Red Cat to a "strong-buy" rating in a report on Wednesday, April 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Red Cat in a research note on Friday, July 17th. 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. Finally, LADENBURG THALM/SH SH raised shares of Red Cat to a "strong-buy" rating in a research report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $21.40.

Insider Transactions at Red Cat

In other Red Cat news, Director Paul Funk II sold 165,028 shares of the company's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $11.50, for a total transaction of $1,897,822.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 12.50% of the company's stock.

Red Cat Stock Up 9.0%

NASDAQ:RCAT opened at $7.38 on Friday. Red Cat Holdings, Inc. has a twelve month low of $5.77 and a twelve month high of $18.78. The firm has a market capitalization of $905.82 million, a price-to-earnings ratio of -10.54 and a beta of 1.29. The stock's 50 day moving average price is $10.22 and its two-hundred day moving average price is $12.02.

Red Cat (NASDAQ:RCAT - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.10). Red Cat had a negative net margin of 138.36% and a negative return on equity of 35.86%. The company had revenue of $15.47 million during the quarter, compared to analyst estimates of $17.63 million. Red Cat's revenue was up 849.1% on a year-over-year basis. As a group, analysts anticipate that Red Cat Holdings, Inc. will post -0.68 earnings per share for the current year.

Red Cat Company 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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