Red Cat (NASDAQ:RCAT) Stock Price Up 4.6% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT) rose 4.6% on Thursday . The stock traded as high as $13.01 and last traded at $12.99. Approximately 8,999,066 shares were traded during trading, a decline of 31% from the average daily volume of 13,054,718 shares. The stock had previously closed at $12.42.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. LADENBURG THALM/SH SH raised Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Needham & Company LLC upped their price objective on Red Cat from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Northland Securities set a $22.00 price objective on shares of Red Cat in a report on Tuesday, January 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $19.00.

Red Cat Stock Performance

The stock has a market cap of $1.39 billion, a P/E ratio of -26.48 and a beta of 1.50. The firm’s fifty day simple moving average is $12.15 and its 200-day simple moving average is $10.53.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its position in shares of Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after purchasing an additional 2,727 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Red Cat by 76.4% during the 1st quarter. Royal Bank of Canada now owns 57,800 shares of the company’s stock worth $340,000 after buying an additional 25,031 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Red Cat by 63.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 229,259 shares of the company’s stock worth $1,348,000 after buying an additional 89,095 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Red Cat by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company’s stock worth $1,565,000 after buying an additional 59,334 shares during the period. Finally, AlphaQuest LLC bought a new stake in shares of Red Cat in the 2nd quarter valued at $67,000. 37.97% of the stock is owned by institutional investors and hedge funds.

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.