Red Cat (NASDAQ:RCAT) Director Sells $109,600.00 in Stock

Key Points

• Red Cat Holdings, Inc. (NASDAQ:RCAT) Director Christopher Moe sold 10,000 shares for $109,600 on September 12, reducing his ownership by 13.68% and retaining 63,073 shares valued at approximately $691,280.
• Institutional investors have significantly increased their stakes in Red Cat, with Bank of America boosting its holdings by 407% during the last quarter.
• Analysts have upgraded Red Cat's stock rating from "sell" to "hold," with a consensus target price of $16.00, indicating a positive outlook for the company's shares.

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) Director Christopher R. Moe sold 10,000 shares of the business's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $10.96, for a total value of $109,600.00. Following the completion of the sale, the director owned 63,073 shares of the company's stock, valued at $691,280.08. This trade represents a 13.68% 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.

Red Cat Stock Down 10.9%

RCAT stock traded down $1.23 during trading hours on Thursday, hitting $10.04. 26,486,921 shares of the stock were exchanged, compared to its average volume of 7,223,891. Red Cat Holdings, Inc. has a 12 month low of $2.31 and a 12 month high of $15.27. The company has a 50-day simple moving average of $9.41 and a two-hundred day simple moving average of $7.40.

Analyst Ratings Changes

RCAT has been the subject of several analyst reports. Wall Street Zen upgraded shares of Red Cat from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Northland Securities set a $16.00 target price on shares of Red Cat in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Strong Buy" and a consensus price target of $16.00.

Hedge Funds Weigh In On Red Cat

Institutional investors and hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC increased its stake in shares of Red Cat by 66.0% in the 1st quarter. Integrated Wealth Concepts LLC now owns 195,225 shares of the company's stock valued at $1,148,000 after acquiring an additional 77,630 shares in the last quarter. Invesco Ltd. grew its holdings in Red Cat by 309.8% in the first quarter. Invesco Ltd. now owns 96,134 shares of the company's stock worth $565,000 after purchasing an additional 72,678 shares during the period. Tidal Investments LLC bought a new stake in Red Cat in the fourth quarter valued at $270,000. Everstar Asset Management LLC acquired a new position in shares of Red Cat during the first quarter valued at about $211,000. Finally, Apis Capital Advisors LLC raised its holdings in shares of Red Cat by 4.9% during the first quarter. Apis Capital Advisors LLC now owns 682,000 shares of the company's stock valued at $4,010,000 after purchasing an additional 32,000 shares during the period. 37.97% of the stock is currently owned by institutional investors.

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.