Red Cat (NASDAQ:RCAT) Shares Down 2.8% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares dropped 2.8% during mid-day trading on Friday . The company traded as low as $12.14 and last traded at $12.47. Approximately 14,635,268 shares traded hands during mid-day trading, an increase of 8% from the average daily volume of 13,607,772 shares. The stock had previously closed at $12.83.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Northland Securities set a $22.00 price objective on shares of Red Cat in a research note on Tuesday, January 20th. Needham & Company LLC increased their price target on Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Finally, LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a research note on Thursday, December 18th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $19.00.

Red Cat Stock Down 2.8%

The stock has a market capitalization of $1.49 billion, a P/E ratio of -28.34 and a beta of 1.50. The stock’s 50 day moving average price is $11.55 and its 200-day moving average price is $10.40.

Institutional Investors Weigh In On Red Cat

A number of hedge funds have recently made changes to their positions in RCAT. Invesco Ltd. grew its stake in Red Cat by 36.3% during the 4th quarter. Invesco Ltd. now owns 237,038 shares of the company’s stock valued at $1,880,000 after purchasing an additional 63,098 shares during the last quarter. Vident Advisory LLC acquired a new stake in shares of Red Cat during the fourth quarter worth about $1,009,000. Janus Henderson Group PLC boosted its position in Red Cat by 29.5% in the fourth quarter. Janus Henderson Group PLC now owns 47,115 shares of the company’s stock valued at $374,000 after buying an additional 10,723 shares during the last quarter. EVR Research LP acquired a new position in Red Cat in the 4th quarter worth approximately $1,705,000. Finally, Concentric Capital Strategies LP purchased a new position in Red Cat during the 4th quarter worth approximately $1,624,000. 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.