Red Cat (NASDAQ:RCAT) Shares Up 6.9% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price shot up 6.9% during trading on Thursday . The stock traded as high as $15.23 and last traded at $14.74. 22,769,209 shares traded hands during trading, an increase of 46% from the average session volume of 15,590,560 shares. The stock had previously closed at $13.79.

Analyst Upgrades and Downgrades

Several brokerages have commented on RCAT. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research report on Tuesday, April 21st. Clear Str upgraded shares of Red Cat to a “strong-buy” rating in a research note on Wednesday, April 29th. UBS Group assumed coverage on shares of Red Cat in a research note on Wednesday, May 27th. They set a “buy” rating on the stock. Roth Mkm assumed coverage on shares of Red Cat in a research note on Monday. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Needham & Company LLC boosted their price objective on shares of Red Cat from $16.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, March 19th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Red Cat currently has a consensus rating of “Buy” and a consensus price target of $21.40.

Red Cat Price Performance

The firm has a 50-day moving average price of $11.95 and a 200 day moving average price of $11.56. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -21.06 and a beta of 1.23.

Red Cat (NASDAQ:RCAT) last announced its earnings results on Thursday, May 7th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). Red Cat had a negative return on equity of 35.86% and a negative net margin of 138.36%.The business had revenue of $15.47 million for the quarter, compared to analyst estimates of $17.63 million. The business’s revenue was up 849.1% on a year-over-year basis. On average, equities analysts anticipate that Red Cat Holdings, Inc. will post -0.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Arizona State Retirement System grew its position in shares of Red Cat by 3.0% during the 4th quarter. Arizona State Retirement System now owns 29,311 shares of the company’s stock worth $232,000 after purchasing an additional 855 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Red Cat by 0.7% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 167,084 shares of the company’s stock worth $1,325,000 after purchasing an additional 1,147 shares in the last quarter. Advisory Services Network LLC grew its position in shares of 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 in the last quarter. Western Wealth Management LLC grew its position in shares of Red Cat by 4.5% during the 1st quarter. Western Wealth Management LLC now owns 36,722 shares of the company’s stock worth $481,000 after purchasing an additional 1,570 shares in the last quarter. Finally, AlphaQuest LLC grew its position in shares of 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 in the last quarter. 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.