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 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 transaction of $109,600.00. Following the completion of the transaction, the director owned 63,073 shares of the company's stock, valued at approximately $691,280.08. This 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 is accessible through this hyperlink.

Red Cat Price Performance

NASDAQ RCAT traded down $0.47 on Monday, hitting $10.52. The company had a trading volume of 10,114,131 shares, compared to its average volume of 7,594,965. Red Cat Holdings, Inc. has a 12-month low of $2.31 and a 12-month high of $15.27. The company has a market capitalization of $1.05 billion, a PE ratio of -19.48 and a beta of 1.44. The company's fifty day moving average price is $9.17 and its 200-day moving average price is $7.31.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in shares of Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company's stock valued at $44,000 after acquiring an additional 2,727 shares during the last quarter. California State Teachers Retirement System acquired a new position in shares of Red Cat during the 2nd quarter valued at about $34,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Red Cat by 28,681.0% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company's stock valued at $44,000 after acquiring an additional 6,023 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of Red Cat by 1,537.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 7,220 shares of the company's stock valued at $53,000 after acquiring an additional 6,779 shares during the last quarter. Finally, Ameritas Investment Partners Inc. acquired a new position in shares of Red Cat during the 2nd quarter valued at about $56,000. Institutional investors and hedge funds own 37.97% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on RCAT. Wall Street Zen raised shares of Red Cat from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Northland Securities set a $16.00 price objective on shares of Red Cat in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Strong Buy" and a consensus target price of $16.00.

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.

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