Red Cat Sees Unusually High Options Volume (NASDAQ:RCAT)

Red Cat Holdings, Inc. (NASDAQ:RCAT) saw some unusual options trading activity on Tuesday. Investors purchased 28,662 call options on the stock. This is an increase of 31% compared to the typical volume of 21,934 call options.

Institutional Trading of Red Cat

A number of hedge funds have recently made changes to their positions in RCAT. Moors & Cabot Inc. increased its stake in Red Cat by 65.6% during the 2nd quarter. Moors & Cabot Inc. now owns 280,825 shares of the company’s stock worth $2,044,000 after buying an additional 111,225 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Red Cat by 31.1% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 157,704 shares of the company’s stock valued at $1,148,000 after acquiring an additional 37,407 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new stake in shares of Red Cat during the second quarter valued at about $546,000. AWM Investment Company Inc. increased its position in shares of Red Cat by 15.3% during the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock worth $14,834,000 after acquiring an additional 269,942 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new position in shares of Red Cat in the third quarter worth about $880,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Analyst Ratings Changes

RCAT has been the subject of a number of research reports. Needham & Company LLC reissued a “buy” rating and set a $16.00 price target on shares of Red Cat in a research report on Monday. Northland Securities set a $22.00 target price on Red Cat in a report on Tuesday, January 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research report on Thursday, January 22nd. Finally, LADENBURG THALM/SH SH raised their price target on shares of Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Red Cat has an average rating of “Moderate Buy” and a consensus target price of $19.33.

Red Cat Price Performance

Shares of NASDAQ RCAT opened at $14.73 on Thursday. Red Cat has a 1-year low of $4.58 and a 1-year high of $18.02. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -33.48 and a beta of 1.53. The business has a 50-day moving average of $12.47 and a 200-day moving average of $10.65.

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.