Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $8.52, but opened at $9.27. Red Cat shares last traded at $10.31, with a volume of 5,894,029 shares.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. Northland Securities set a $16.00 target price on shares of Red Cat in a report on Friday, August 15th. Wall Street Zen raised shares of Red Cat from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company's stock. Based on data from MarketBeat, Red Cat currently has an average rating of "Strong Buy" and a consensus target price of $16.00.
Check Out Our Latest Analysis on Red Cat
Red Cat Stock Performance
The stock has a market cap of $1.08 billion, a price-to-earnings ratio of -20.15 and a beta of 1.44. The company's 50 day simple moving average is $9.01 and its 200 day simple moving average is $7.25.
Insider Activity
In other news, Director Joseph David Freedman sold 150,000 shares of Red Cat stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $7.37, for a total value of $1,105,500.00. Following the transaction, the director directly owned 165,260 shares of the company's stock, valued at $1,217,966.20. This trade represents a 47.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Christopher R. Moe sold 16,833 shares of Red Cat stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $9.58, for a total transaction of $161,260.14. Following the completion of the transaction, the director directly owned 113,073 shares in the company, valued at approximately $1,083,239.34. This trade represents a 12.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 176,833 shares of company stock valued at $1,356,060. Insiders own 15.30% of the company's stock.
Hedge Funds Weigh In On Red Cat
Institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised 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 period. California State Teachers Retirement System bought a new position in shares of Red Cat in the second quarter valued at approximately $34,000. Caitong International Asset Management Co. Ltd raised its position in shares of Red Cat by 28,681.0% in the second quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company's stock valued at $44,000 after purchasing an additional 6,023 shares during the period. BNP Paribas Financial Markets raised its position in shares of Red Cat by 1,537.2% in the second quarter. BNP Paribas Financial Markets now owns 7,220 shares of the company's stock valued at $53,000 after purchasing an additional 6,779 shares during the period. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Red Cat in the second quarter valued at approximately $56,000. Institutional investors own 37.97% of the company's stock.
About Red Cat
(
Get Free Report)
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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