Red Cat (NASDAQ:RCAT) Shares Down 11.8% – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price traded down 11.8% during trading on Thursday . The company traded as low as $13.88 and last traded at $14.00. 13,210,474 shares were traded during trading, a decline of 21% from the average session volume of 16,811,686 shares. The stock had previously closed at $15.87.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. LADENBURG THALM/SH SH increased 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 shares of Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Northland Securities set a $22.00 target price on shares of Red Cat in a report on Tuesday, January 20th. Finally, Wall Street Zen raised shares of Red Cat from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $20.67.

Red Cat Price Performance

The firm has a 50 day moving average of $14.07 and a two-hundred day moving average of $11.32. The stock has a market cap of $1.70 billion, a PE ratio of -18.67 and a beta of 1.53.

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

Hedge Funds Weigh In On Red Cat

Hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Red Cat by 1,825.1% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 54,152 shares of the company’s stock valued at $429,000 after purchasing an additional 51,339 shares during the last quarter. Virtu Financial LLC purchased a new stake in Red Cat in the fourth quarter valued at approximately $196,000. Invesco Ltd. boosted its holdings in shares of Red Cat by 36.3% in the fourth quarter. Invesco Ltd. now owns 237,038 shares of the company’s stock valued at $1,880,000 after acquiring an additional 63,098 shares during the period. Vident Advisory LLC purchased a new position in shares of Red Cat during the fourth quarter worth approximately $1,009,000. Finally, Janus Henderson Group PLC increased its holdings in shares of Red Cat by 29.5% in the 4th quarter. Janus Henderson Group PLC now owns 47,115 shares of the company’s stock valued at $374,000 after acquiring an additional 10,723 shares during the period. Hedge funds and other 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.