Red Cat (NASDAQ:RCAT) Shares Gap Up - Here's What Happened

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $5.95, but opened at $6.46. Red Cat shares last traded at $6.54, with a volume of 5,145,286 shares traded.

Analysts Set New Price Targets

Several research firms recently issued reports on RCAT. Northland Capmk upgraded Red Cat to a "strong-buy" rating in a report on Monday, March 10th. Northland Securities began coverage on Red Cat in a report on Tuesday, March 11th. They set an "outperform" rating and a $13.00 target price on the stock.

Red Cat Stock Up 16.5%

The firm has a market cap of $733.68 million, a P/E ratio of -14.94 and a beta of 1.37. The company has a quick ratio of 0.60, a current ratio of 1.43 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average of $6.09 and a 200-day moving average of $7.73.

Red Cat (NASDAQ:RCAT - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.17). Red Cat had a negative net margin of 232.62% and a negative return on equity of 96.00%. On average, equities research analysts anticipate that Red Cat Holdings, Inc. will post -0.5 earnings per share for the current year.

Institutional Trading of Red Cat

Several institutional investors and hedge funds have recently bought and sold shares of RCAT. Twin Tree Management LP bought a new stake in Red Cat in the fourth quarter valued at approximately $28,000. Bank of America Corp DE grew its position in shares of Red Cat by 407.0% in the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company's stock valued at $44,000 after purchasing an additional 2,727 shares during the last quarter. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Red Cat in the fourth quarter valued at approximately $48,000. SBI Securities Co. Ltd. grew its position in shares of Red Cat by 104.4% in the first quarter. SBI Securities Co. Ltd. now owns 9,467 shares of the company's stock valued at $56,000 after purchasing an additional 4,835 shares during the last quarter. Finally, Summit Trail Advisors LLC acquired a new position in shares of Red Cat in the first quarter valued at approximately $59,000. Institutional investors own 37.97% of the company's stock.

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.