Red Cat (NASDAQ:RCAT) Stock Price Down 8.9% – Time to Sell?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares fell 8.9% during trading on Thursday . The stock traded as low as $14.71 and last traded at $14.93. 9,792,606 shares were traded during trading, a decline of 41% from the average session volume of 16,679,691 shares. The stock had previously closed at $16.38.

Analyst Ratings Changes

Several brokerages have recently issued reports on RCAT. Northland Securities set a $22.00 price target on Red Cat in a research note on Tuesday, January 20th. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a research report on Thursday, December 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Needham & Company LLC lifted their price target on shares of Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, January 13th. Finally, Wall Street Zen lowered shares of Red Cat from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $19.00.

Red Cat Price Performance

The company has a fifty day moving average of $9.94 and a 200 day moving average of $10.08. The firm has a market capitalization of $1.78 billion, a P/E ratio of -33.93 and a beta of 1.48.

Red Cat (NASDAQ:RCAT) last released 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 company had revenue of $9.65 million for the quarter, compared to analyst estimates of $8.18 million. On average, sell-side analysts forecast that Red Cat Holdings, Inc. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On Red Cat

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Moors & Cabot Inc. boosted its holdings in Red Cat by 65.6% during the 2nd quarter. Moors & Cabot Inc. now owns 280,825 shares of the company’s stock worth $2,044,000 after acquiring an additional 111,225 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Red Cat by 31.1% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,704 shares of the company’s stock valued at $1,148,000 after purchasing an additional 37,407 shares during the last quarter. Truist Financial Corp bought a new position in shares of Red Cat during the second quarter valued at about $167,000. Rockefeller Capital Management L.P. purchased a new position in Red Cat during the second quarter worth about $546,000. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Red Cat in the 2nd quarter worth about $180,000. Institutional investors 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.