Red Cat (NASDAQ:RCAT) Receives "Buy" Rating from Needham & Company LLC

Key Points

• Needham & Company reaffirmed a Buy rating on Red Cat (RCAT) with a $16 price objective, implying about a 37.3% upside from the prior close.
• Analyst coverage is mixed but leans positive — two "Strong Buy", one "Buy" and one "Sell" result in a MarketBeat consensus of Buy and an average price target of $19.
• Institutional interest is rising: State Street boosted its stake by 136.4% to ~6.61M shares and Vanguard holds ~6.0M shares; RCAT opened at $11.65 with a market cap of $1.39B and is down about 10.3%.

Red Cat (NASDAQ:RCAT - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $16.00 price objective on the stock. Needham & Company LLC's price target suggests a potential upside of 37.34% from the stock's previous close.

RCAT has been the subject of a number of other research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Red Cat in a research report on Thursday, January 22nd. Northland Securities set a $22.00 price target on Red Cat in a research note on Tuesday, January 20th. Finally, LADENBURG THALM/SH SH raised shares of Red Cat to a "strong-buy" rating in a research report on Thursday, December 18th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Red Cat currently has a consensus rating of "Buy" and an average price target of $19.00.

Red Cat Stock Down 10.3%

NASDAQ:RCAT opened at $11.65 on Monday. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -26.48 and a beta of 1.53. Red Cat has a 52 week low of $4.58 and a 52 week high of $18.02. The firm has a 50 day moving average of $12.15 and a 200 day moving average of $10.55.

Institutional Trading of Red Cat

Several large investors have recently made changes to their positions in RCAT. State Street Corp boosted its stake in shares of Red Cat by 136.4% during the 4th quarter. State Street Corp now owns 6,612,153 shares of the company's stock worth $52,434,000 after acquiring an additional 3,815,310 shares in the last quarter. Vanguard Group Inc. raised its holdings in Red Cat by 9.0% in the 4th quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company's stock worth $47,580,000 after purchasing an additional 493,660 shares during the period. Geode Capital Management LLC boosted its position in Red Cat by 13.4% during the fourth quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company's stock worth $19,991,000 after purchasing an additional 297,967 shares in the last quarter. AWM Investment Company Inc. increased its position in shares of Red Cat by 15.3% in the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company's stock valued at $14,834,000 after buying an additional 269,942 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new stake in shares of Red Cat in the third quarter valued at approximately $19,739,000. 37.97% of the stock is owned by hedge funds and other institutional investors.

About Red Cat

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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