Red Cat (NASDAQ:RCAT) Trading 7.9% Higher – Time to Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price shot up 7.9% during trading on Wednesday . The company traded as high as $13.64 and last traded at $13.04. 13,884,932 shares traded hands during trading, a decline of 15% from the average session volume of 16,430,691 shares. The stock had previously closed at $12.08.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RCAT shares. Northland Securities set a $22.00 price target on shares of Red Cat in a research note on Tuesday, January 20th. Needham & Company LLC upped their price target on shares of Red Cat from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, March 19th. Wall Street Zen upgraded shares of Red Cat from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. LADENBURG THALM/SH SH upped their price target on shares of Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $20.67.

Red Cat Stock Up 7.8%

The company has a market cap of $1.58 billion, a price-to-earnings ratio of -17.36 and a beta of 1.46. The company’s 50-day moving average is $13.66 and its 200 day moving average is $11.50.

Red Cat (NASDAQ:RCAT) last released its quarterly earnings results on Wednesday, March 18th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The firm had revenue of $26.24 million for 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%. Analysts predict that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Trading of Red Cat

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc grew its position in Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock valued at $28,000 after buying an additional 1,720 shares during the period. Montag A & Associates Inc. grew its position in Red Cat by 552.0% during the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after buying an additional 2,760 shares during the period. Bank of America Corp DE grew its position in Red Cat by 407.0% during the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after buying an additional 2,727 shares during the period. Global Retirement Partners LLC acquired a new stake in Red Cat during the third quarter valued at $36,000. Finally, Penserra Capital Management LLC acquired a new stake in Red Cat during the third quarter valued at $46,000. Institutional investors and hedge funds 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.