Red Cat (NASDAQ:RCAT) Stock Price Down 2.6% – Time to Sell?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares traded down 2.6% on Friday . The stock traded as low as $13.52 and last traded at $13.67. 13,434,717 shares changed hands during trading, a decline of 19% from the average session volume of 16,607,613 shares. The stock had previously closed at $14.03.

Analyst Upgrades and Downgrades

RCAT has been the subject of several recent analyst reports. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research note on Thursday, December 18th. Wall Street Zen lowered shares of Red Cat from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research report on Wednesday, October 8th. Finally, Needham & Company LLC increased their price target on shares of Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Red Cat currently has an average rating of “Buy” and a consensus price target of $16.00.

Red Cat Price Performance

The stock has a 50 day moving average of $8.71 and a 200 day moving average of $9.62. The firm has a market cap of $1.63 billion, a P/E ratio of -31.07 and a beta of 1.48.

Red Cat (NASDAQ:RCAT) last issued its earnings results on Thursday, November 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The business had revenue of $9.65 million during the quarter, compared to analyst estimates of $8.18 million. On average, research analysts predict that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Cat

Several institutional investors and hedge funds have recently bought and sold shares of the stock. IFP Advisors Inc lifted its position in Red Cat by 181.1% in the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock valued at $28,000 after purchasing an additional 1,720 shares during the last quarter. Montag A & Associates Inc. boosted its position in Red Cat by 552.0% during the 3rd quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after buying an additional 2,760 shares during the period. California State Teachers Retirement System purchased 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 in the 3rd quarter worth $36,000. Finally, Caitong International Asset Management Co. Ltd increased 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 acquiring an additional 6,023 shares during the period. 37.97% of the stock is currently owned by institutional investors.

About Red Cat

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.