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Red Cat (NASDAQ:RCAT) Trading Up 2.2% - Still a Buy?

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Key Points

  • Red Cat Holdings, Inc. (NASDAQ:RCAT) experienced a 2.2% stock increase during mid-day trading, with shares trading at $9.18, following a previous close of $8.98.
  • Analysts have upgraded Red Cat's rating from "sell" to "hold", with a consensus price target of $16.00 and one analyst giving it a "Strong Buy" rating.
  • Insider selling has occurred, with directors selling a total of 276,833 shares recently, representing a significant decrease in their positions.
  • Looking to export and analyze Red Cat data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) shares rose 2.2% during trading on Thursday . The stock traded as high as $9.35 and last traded at $9.18. Approximately 1,409,855 shares changed hands during trading, a decline of 81% from the average daily volume of 7,587,958 shares. The stock had previously closed at $8.98.

Analyst Ratings Changes

Several brokerages have recently issued reports on RCAT. Northland Securities set a $16.00 price objective on Red Cat in a research note on Friday, August 15th. Wall Street Zen upgraded Red Cat from a "sell" rating to a "hold" rating in a research note 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 stock. According to MarketBeat.com, Red Cat currently has a consensus rating of "Strong Buy" and a consensus target price of $16.00.

Get Our Latest Analysis on Red Cat

Red Cat Stock Down 1.1%

The stock has a market capitalization of $891.85 million, a PE ratio of -16.56 and a beta of 1.44. The firm's fifty day moving average is $8.77 and its 200-day moving average is $7.24.

Insider Buying and Selling

In related news, Director Joseph David Freedman sold 150,000 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $7.37, for a total transaction of $1,105,500.00. Following the completion of the transaction, the director owned 165,260 shares of the company's stock, valued at approximately $1,217,966.20. This represents a 47.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Nicholas Reyland Liuzza, Jr. sold 100,000 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $8.58, for a total transaction of $858,000.00. Following the transaction, the director directly owned 387,445 shares in the company, valued at approximately $3,324,278.10. The trade was a 20.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 276,833 shares of company stock valued at $2,214,060. Insiders own 15.30% of the company's stock.

Hedge Funds Weigh In On Red Cat

Hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System acquired a new position in shares of Red Cat during the second quarter valued at $34,000. Caitong International Asset Management Co. Ltd boosted its stake in Red Cat by 28,681.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company's stock valued at $44,000 after buying an additional 6,023 shares in the last quarter. Bank of America Corp DE boosted its stake in Red Cat by 407.0% during the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company's stock valued at $44,000 after buying an additional 2,727 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Red Cat by 1,537.2% during 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 last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Red Cat by 104.4% during 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. Institutional investors and hedge funds 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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