Red Cat (NASDAQ:RCAT) Trading Up 3.9% - Here's What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) shares were up 3.9% during trading on Thursday . The stock traded as high as $9.43 and last traded at $9.28. Approximately 4,989,681 shares changed hands during trading, a decline of 63% from the average daily volume of 13,550,979 shares. The stock had previously closed at $8.93.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RCAT. LADENBURG THALM/SH SH raised shares of Red Cat to a "strong-buy" rating in a research note on Wednesday, May 6th. Wall Street Zen lowered Red Cat from a "sell" rating to a "strong sell" rating in a research note on Saturday, July 18th. HC Wainwright reaffirmed a "buy" rating and set a $20.00 price target on shares of Red Cat in a research report on Friday, August 7th. UBS Group assumed coverage on Red Cat in a report on Wednesday, May 27th. They issued a "buy" rating for the company. Finally, Roth Capital assumed coverage on shares of Red Cat in a research report on Monday, June 1st. They set a "buy" rating and a $25.00 price target on the stock. Two 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 MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $20.40.

Red Cat Stock Up 3.9%

The company has a market cap of $1.14 billion, a price-to-earnings ratio of -11.46 and a beta of 1.31. The firm has a 50 day moving average price of $9.21 and a two-hundred day moving average price of $11.39.

Red Cat (NASDAQ:RCAT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.05). Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%.The firm had revenue of $20.20 million during the quarter, compared to analyst estimates of $22.65 million. On average, equities analysts expect that Red Cat Holdings, Inc. will post -0.78 earnings per share for the current year.

Insider Activity at Red Cat

In related news, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $10.63, for a total transaction of $584,650.00. Following the transaction, the director directly owned 489,874 shares of the company's stock, valued at $5,207,360.62. This represents a 10.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Funk II sold 165,028 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $11.50, for a total transaction of $1,897,822.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 240,028 shares of company stock worth $2,692,672 in the last quarter. Company insiders own 12.50% of the company's stock.

Hedge Funds Weigh In On Red Cat

Large investors have recently added to or reduced their stakes in the business. Allworth Financial LP purchased a new stake in Red Cat in the 2nd quarter valued at $28,000. IFP Advisors Inc grew its position in Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company's stock valued at $28,000 after buying an additional 1,720 shares during the period. Fifth Third Bancorp purchased a new stake in shares of Red Cat during the 1st quarter worth approximately $33,000. California State Teachers Retirement System purchased a new stake in Red Cat in the second quarter worth $34,000. Finally, NFSG Corp raised its stake in Red Cat by 200.0% in the 1st quarter. NFSG Corp now owns 3,000 shares of the company's stock valued at $39,000 after acquiring an additional 2,000 shares during the period. Institutional investors own 37.97% of the company's stock.

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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