Red Cat (NASDAQ:RCAT) Stock Price Down 2.6% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price fell 2.6% during mid-day trading on Friday . The company traded as low as $13.52 and last traded at $13.67. 13,434,717 shares traded hands during trading, a decline of 19% from the average session volume of 16,607,613 shares. The stock had previously closed at $14.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RCAT shares. LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a research note on Saturday, October 4th. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research note on Wednesday, October 8th. Finally, Needham & Company LLC lifted their target price on Red Cat from $12.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Red Cat has an average rating of “Buy” and an average price target of $16.00.

Red Cat Price Performance

The firm’s fifty day simple moving average is $8.62 and its 200 day simple moving average is $9.55. The company has a market capitalization of $1.63 billion, a PE ratio of -31.07 and a beta of 1.48.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.09). The firm had revenue of $9.65 million during the quarter, compared to analyst estimates of $8.18 million. On average, equities research analysts anticipate that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Red Cat

Several institutional investors have recently made changes to their positions in RCAT. Vanguard Group Inc. lifted its stake in shares of Red Cat by 43.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,506,377 shares of the company’s stock valued at $56,991,000 after purchasing an additional 1,680,929 shares during the period. AWM Investment Company Inc. increased its holdings in Red Cat by 15.3% in the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock valued at $14,834,000 after buying an additional 269,942 shares in the last quarter. Brevan Howard Capital Management LP acquired a new position in shares of Red Cat in the third quarter worth about $19,739,000. Davidson Kempner Capital Management LP purchased a new stake in shares of Red Cat during the 3rd quarter worth about $17,286,000. Finally, Geode Capital Management LLC grew its position in shares of Red Cat by 142.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,656,720 shares of the company’s stock valued at $12,063,000 after acquiring an additional 974,121 shares during the period. 37.97% of the stock is owned by hedge funds and other institutional investors.

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.