Red Cat (NASDAQ:RCAT) Trading Up 9.6% - Here's What Happened

Key Points

• Red Cat Holdings, Inc. (NASDAQ:RCAT) shares rose by 9.6%, reaching a high of $14.70 during trading, with a closing price of $14.12.
• Analysts have issued a mix of ratings on Red Cat, with two upgrades to "strong-buy" and one downgrade to "sell," giving the stock an average rating of "buy" and a price target of $16.50.
• Institutional investors have been actively trading Red Cat shares, with significant increases in stake by some firms, indicating a growing interest in the company.

Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report)'s share price was up 9.6% during mid-day trading on Monday . The stock traded as high as $14.70 and last traded at $14.12. Approximately 8,206,586 shares traded hands during mid-day trading, a decline of 1% from the average daily volume of 8,326,774 shares. The stock had previously closed at $12.89.

Analyst Upgrades and Downgrades

RCAT has been the topic of a number of research reports. Wall Street Zen downgraded Red Cat from a "hold" rating to a "sell" rating in a report on Saturday. Needham & Company LLC started coverage on shares of Red Cat in a research note on Friday. They issued a "buy" rating and a $17.00 price objective on the stock. Northland Securities set a $16.00 target price on shares of Red Cat in a research report on Friday, August 15th. LADENBURG THALM/SH SH upgraded shares of Red Cat to a "strong-buy" rating in a report on Thursday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Red Cat in a research note on Saturday, September 27th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Red Cat has an average rating of "Buy" and an average price target of $16.50.

Red Cat Stock Up 13.1%

The stock's 50-day moving average price is $9.64 and its 200 day moving average price is $7.89. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -27.00 and a beta of 1.45.

Insider Activity at Red Cat

In other news, Director Christopher R. Moe sold 10,000 shares of Red Cat stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $10.91, for a total transaction of $109,100.00. Following the sale, the director owned 53,073 shares of the company's stock, valued at approximately $579,026.43. This trade represents a 15.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders sold 86,833 shares of company stock valued at $861,560. 15.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Red Cat

Institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System acquired a new position in shares of Red Cat in the 2nd quarter valued at $34,000. Caitong International Asset Management Co. Ltd increased its stake in 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 acquiring an additional 6,023 shares during the period. Bank of America Corp DE raised its position in Red Cat by 407.0% in the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company's stock worth $44,000 after purchasing an additional 2,727 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Red Cat by 1,537.2% during the second quarter. BNP Paribas Financial Markets now owns 7,220 shares of the company's stock worth $53,000 after purchasing an additional 6,779 shares during the period. Finally, SBI Securities Co. Ltd. lifted its stake in Red Cat by 104.4% during the first quarter. SBI Securities Co. Ltd. now owns 9,467 shares of the company's stock worth $56,000 after purchasing an additional 4,835 shares during the period. Institutional investors and hedge funds 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.

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