170,532 Shares in Red Cat Holdings, Inc. $RCAT Bought by Empowered Funds LLC

Empowered Funds LLC bought a new stake in Red Cat Holdings, Inc. (NASDAQ:RCAT) during the first quarter, Holdings Channel.com reports. The fund bought 170,532 shares of the company’s stock, valued at approximately $2,232,000.

Several other hedge funds have also bought and sold shares of the stock. Arizona State Retirement System lifted its holdings 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 acquiring an additional 855 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake 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 worth $1,325,000 after buying an additional 1,147 shares in the last quarter. Advisory Services Network LLC grew its position in Red Cat by 5.3% during the third quarter. Advisory Services Network LLC now owns 30,200 shares of the company’s stock valued at $313,000 after acquiring an additional 1,507 shares during the last quarter. IFP Advisors Inc lifted its holdings in shares of Red Cat by 181.1% in the 3rd quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after acquiring an additional 1,720 shares during the last quarter. Finally, Wealthfront Advisers LLC boosted its stake in shares of Red Cat by 15.7% in the 1st quarter. Wealthfront Advisers LLC now owns 12,959 shares of the company’s stock valued at $170,000 after purchasing an additional 1,754 shares in the last quarter. 37.97% of the stock is currently owned by institutional investors.

Red Cat Trading Down 2.3%

Shares of Red Cat stock opened at $8.66 on Thursday. The business has a fifty day simple moving average of $10.10 and a two-hundred day simple moving average of $11.88. Red Cat Holdings, Inc. has a 12 month low of $5.77 and a 12 month high of $18.78. The firm has a market capitalization of $1.06 billion, a P/E ratio of -12.37 and a beta of 1.31.

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

Insider Transactions at Red Cat

In other Red Cat news, Director Paul Funk II sold 165,028 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $11.50, for a total transaction of $1,897,822.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 12.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on RCAT. Roth Capital assumed coverage on shares of Red Cat in a research note on Monday, June 1st. They issued a “buy” rating and a $25.00 price target for the company. HC Wainwright assumed coverage on Red Cat in a research note on Wednesday, May 27th. They set a “buy” rating and a $20.00 price objective for the company. LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a report on Wednesday, May 6th. Clear Str raised shares of Red Cat to a “strong-buy” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $21.40.

About Red Cat

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.