Truist Financial Corp Acquires Shares of 23,000 Red Cat Holdings, Inc. $RCAT

Key Points

• Truist Financial Corp has acquired 23,000 shares of Red Cat Holdings, Inc., valued at approximately $167,000, as per its recent 13F filing.
• A significant number of institutional investors have increased their stakes in Red Cat, highlighting a growing interest in the company, which now sees 37.97% of its stock owned by institutional investors.
• Red Cat Holdings has recently faced mixed analyst reviews, with ratings ranging from a strong buy to a sell, reflecting varying perspectives on its market potential.

Truist Financial Corp acquired a new stake in shares of Red Cat Holdings, Inc. (NASDAQ:RCAT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 23,000 shares of the company's stock, valued at approximately $167,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. 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 worth $4,010,000 after acquiring an additional 32,000 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Red Cat by 28.7% in the first quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company's stock worth $1,565,000 after acquiring an additional 59,334 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake 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 period. GW Henssler & Associates Ltd. bought a new stake in shares of Red Cat in the first quarter worth approximately $1,297,000. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Red Cat by 66.0% in the first quarter. Integrated Wealth Concepts LLC now owns 195,225 shares of the company's stock worth $1,148,000 after acquiring an additional 77,630 shares during the period. 37.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Christopher R. Moe sold 10,000 shares of the company's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $10.91, for a total value of $109,100.00. Following the completion of the sale, the director directly owned 53,073 shares of the company's stock, valued at $579,026.43. This represents a 15.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 86,833 shares of company stock valued at $861,560 over the last ninety days. 15.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RCAT. Wall Street Zen downgraded shares of Red Cat from a "hold" rating to a "sell" rating in a report on Saturday, October 4th. Northland Securities set a $16.00 price objective on shares of Red Cat in a report on Friday, August 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Red Cat in a report on Wednesday, October 8th. Needham & Company LLC began coverage on shares of Red Cat in a report on Friday, October 3rd. They issued a "buy" rating and a $17.00 price objective on the stock. Finally, LADENBURG THALM/SH SH raised shares of Red Cat to a "strong-buy" rating in a report on Thursday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $16.50.

Red Cat Stock Down 8.7%

RCAT stock opened at $11.74 on Friday. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -21.74 and a beta of 1.45. Red Cat Holdings, Inc. has a twelve month low of $2.66 and a twelve month high of $16.70. The firm's fifty day simple moving average is $10.69 and its two-hundred day simple moving average is $8.43.

Red Cat Company 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.

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