Red Cat (NASDAQ:RCAT) Stock Price Up 2.4% – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price was up 2.4% on Thursday . The stock traded as high as $15.66 and last traded at $15.08. Approximately 20,366,727 shares changed hands during mid-day trading, an increase of 41% from the average daily volume of 14,444,770 shares. The stock had previously closed at $14.73.

Analyst Ratings Changes

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

Red Cat Stock Up 2.4%

The stock has a market capitalization of $1.80 billion, a PE ratio of -34.27 and a beta of 1.53. The company has a 50-day moving average of $12.47 and a 200 day moving average of $10.65.

Institutional Investors Weigh In On Red Cat

Hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its stake in shares of Red Cat by 407.0% in the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after buying an additional 2,727 shares in the last quarter. Royal Bank of Canada raised its holdings in Red Cat by 76.4% in the 1st quarter. Royal Bank of Canada now owns 57,800 shares of the company’s stock valued at $340,000 after acquiring an additional 25,031 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Red Cat by 63.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 229,259 shares of the company’s stock worth $1,348,000 after purchasing an additional 89,095 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Red Cat by 28.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company’s stock worth $1,565,000 after purchasing an additional 59,334 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in shares of Red Cat in the second quarter valued at approximately $67,000. 37.97% of the stock is currently owned by institutional investors and hedge funds.

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.