Red Cat (NASDAQ:RCAT) Coverage Initiated at Piper Sandler

Stock analysts at Piper Sandler began coverage on shares of Red Cat (NASDAQ:RCAT) in a research report issued on Wednesday, Marketbeat Ratings reports. The firm set a “hold” rating and a $9.00 price target on the stock. Piper Sandler’s target price would suggest a potential upside of 8.17% from the stock’s previous close.

RCAT has been the subject of a number of other reports. Evercore started coverage on shares of Red Cat in a research report on Monday. They issued an “outperform” rating and a $15.00 price target for the company. Roth Capital assumed coverage on shares of Red Cat in a research note on Monday, June 1st. They set a “buy” rating and a $25.00 target price on the stock. Wall Street Zen downgraded shares of Red Cat from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Red Cat currently has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Red Cat Stock Performance

Shares of Red Cat stock opened at $8.32 on Wednesday. The stock has a market cap of $1.02 billion, a P/E ratio of -10.27 and a beta of 1.35. The stock’s fifty day moving average is $9.00 and its 200 day moving average is $11.25. Red Cat has a one year low of $5.77 and a one year high of $18.78.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.05). Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%.The company had revenue of $20.20 million during the quarter, compared to analysts’ expectations of $22.65 million. Analysts predict that Red Cat will post -0.78 EPS for the current year.

Insider Activity

In related news, Director Christopher R. Moe sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $10.51, for a total transaction of $210,200.00. Following the completion of the transaction, the director owned 200,502 shares in the company, valued at approximately $2,107,276.02. This represents a 9.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $10.63, for a total transaction of $584,650.00. Following the transaction, the director directly owned 489,874 shares of the company’s stock, valued at $5,207,360.62. The trade was a 10.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 240,028 shares of company stock worth $2,692,672 over the last quarter. Insiders own 12.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Sei Investments Co. bought a new position in Red Cat during the first quarter valued at approximately $2,328,000. Janus Henderson Group PLC increased its stake in Red Cat by 733.7% in the 1st quarter. Janus Henderson Group PLC now owns 392,808 shares of the company’s stock worth $5,141,000 after acquiring an additional 345,693 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Red Cat during the 2nd quarter worth approximately $119,610,000. EVR Research LP bought a new position in shares of Red Cat during the 4th quarter valued at approximately $1,705,000. Finally, Deutsche Bank AG bought a new position in shares of Red Cat during the 2nd quarter valued at approximately $1,270,000. 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.