Red Cat (NASDAQ:RCAT) Shares Down 1.3% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares dropped 1.3% during trading on Wednesday . The stock traded as low as $15.12 and last traded at $15.87. Approximately 18,832,591 shares traded hands during trading, an increase of 12% from the average daily volume of 16,873,734 shares. The stock had previously closed at $16.08.

Analyst Upgrades and Downgrades

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

Red Cat Stock Down 1.3%

The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of -21.16 and a beta of 1.53. The company’s 50 day moving average price is $14.02 and its 200 day moving average price is $11.29.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Arizona State Retirement System raised its holdings in shares of Red Cat by 3.0% during the fourth quarter. Arizona State Retirement System now owns 29,311 shares of the company’s stock worth $232,000 after purchasing an additional 855 shares during the last quarter. VestGen Advisors LLC boosted its holdings in Red Cat by 4.9% in the second quarter. VestGen Advisors LLC now owns 23,625 shares of the company’s stock valued at $172,000 after purchasing an additional 1,097 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Red Cat by 0.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 167,084 shares of the company’s stock valued at $1,325,000 after purchasing an additional 1,147 shares during the last quarter. Advisory Services Network LLC grew its position in Red Cat by 5.3% during the 3rd quarter. Advisory Services Network LLC now owns 30,200 shares of the company’s stock worth $313,000 after purchasing an additional 1,507 shares during the period. Finally, AlphaQuest LLC grew its position in Red Cat by 17.4% during the 3rd quarter. AlphaQuest LLC now owns 10,839 shares of the company’s stock worth $112,000 after purchasing an additional 1,608 shares during the period. 37.97% of the stock is currently owned by hedge funds and other 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.