Red Cat (NASDAQ:RCAT) Shares Up 10.2% - Still a Buy?

Key Points

• Shares jumped 10.2% to $16.16 on Wednesday, trading as high as $16.37 on heavy volume of ~22.08 million shares (about 37% above the daily average).
• Analysts are mixed—two Buy ratings and one Sell—resulting in a MarketBeat consensus of "Hold" with an average price target of $19.33 and individual targets up to $22.00.
• Red Cat is a technology holding focused on unmanned aerial systems, autonomy and sensing; it has a $1.93 billion market cap and a negative P/E (-36.70), reflecting its current unprofitable status.

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) shares were up 10.2% during trading on Wednesday . The company traded as high as $16.37 and last traded at $16.16. Approximately 22,084,307 shares changed hands during trading, an increase of 37% from the average daily volume of 16,117,284 shares. The stock had previously closed at $14.67.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RCAT shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Red Cat in a research report on Thursday, January 22nd. Needham & Company LLC reaffirmed a "buy" rating and set a $16.00 target price on shares of Red Cat in a research note on Monday, March 2nd. LADENBURG THALM/SH SH lifted their target price on Red Cat from $15.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. Finally, Northland Securities set a $22.00 price target on Red Cat in a report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Red Cat currently has a consensus rating of "Hold" and an average price target of $19.33.

Red Cat Price Performance

The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -36.70 and a beta of 1.53. The firm's fifty day moving average price is $12.99 and its two-hundred day moving average price is $10.82.

Institutional Investors Weigh In On Red Cat

Hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in shares of Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company's stock worth $28,000 after purchasing an additional 1,720 shares during the period. Montag A & Associates Inc. grew its position in Red Cat by 552.0% in the 3rd quarter. Montag A & Associates Inc. now owns 3,260 shares of the company's stock valued at $34,000 after purchasing an additional 2,760 shares during the period. California State Teachers Retirement System bought a new stake in Red Cat during the 2nd quarter valued at $34,000. Global Retirement Partners LLC bought a new stake in Red Cat during the 3rd quarter valued at $36,000. Finally, N.E.W. Advisory Services LLC raised its holdings in Red Cat by 163.5% during the fourth quarter. N.E.W. Advisory Services LLC now owns 5,356 shares of the company's stock worth $42,000 after buying an additional 3,323 shares during the last quarter. Institutional investors and hedge funds own 37.97% of the company's stock.

Red Cat Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.