Red Cat (NASDAQ:RCAT) Trading 6.1% Higher – Still a Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT) was up 6.1% during mid-day trading on Tuesday . The stock traded as high as $16.88 and last traded at $16.08. Approximately 22,448,558 shares were traded during trading, an increase of 34% from the average daily volume of 16,815,205 shares. The stock had previously closed at $15.15.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RCAT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Northland Securities set a $22.00 price target on Red Cat in a research report on Tuesday, January 20th. Needham & Company LLC increased their price target on Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, March 19th. LADENBURG THALM/SH SH raised their price target on Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Finally, Wall Street Zen upgraded shares of Red Cat from a “sell” rating to a “hold” rating in a research note on Saturday. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $20.67.

Red Cat Stock Up 6.1%

The business has a 50-day simple moving average of $13.96 and a two-hundred day simple moving average of $11.24. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of -21.44 and a beta of 1.53.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings data on Wednesday, March 18th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The firm had revenue of $26.24 million during the quarter, compared to the consensus estimate of $24.50 million. Red Cat had a negative return on equity of 38.86% and a negative net margin of 176.96%. On average, analysts forecast that Red Cat Holdings, Inc. will post -0.5 EPS for the current year.

Institutional Investors Weigh In On Red Cat

Several hedge funds and other institutional investors have recently bought and sold shares of RCAT. Brevan Howard Capital Management LP purchased a new position in Red Cat in the 3rd quarter worth about $19,739,000. Rockefeller Capital Management L.P. purchased a new stake in Red Cat during the second quarter valued at about $546,000. Tudor Investment Corp ET AL boosted its holdings in shares of Red Cat by 214.0% in the third quarter. Tudor Investment Corp ET AL now owns 1,277,523 shares of the company’s stock worth $13,222,000 after buying an additional 870,612 shares during the period. AWM Investment Company Inc. increased its position in shares of Red Cat by 15.3% in the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock worth $14,834,000 after acquiring an additional 269,942 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in shares of Red Cat during the third quarter valued at approximately $880,000. 37.97% of the stock is currently owned by institutional investors.

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.