Red Cat (NASDAQ:RCAT) Trading Up 10.2% – Time to Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares were up 10.2% during trading on Wednesday . The company traded as high as $16.37 and last traded at $16.16. Approximately 22,084,307 shares changed hands during trading, an increase of 37% from the average daily volume of 16,117,284 shares. The stock had previously closed at $14.67.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RCAT. Northland Securities set a $22.00 target price on Red Cat in a research report on Tuesday, January 20th. LADENBURG THALM/SH SH increased their price target on Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $16.00 price objective on shares of Red Cat in a research note on Monday, March 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Red Cat currently has a consensus rating of “Hold” and a consensus target price of $19.33.

Red Cat Trading Up 10.1%

The company’s 50-day simple moving average is $12.99 and its 200 day simple moving average is $10.82. The stock has a market cap of $1.93 billion, a P/E ratio of -36.70 and a beta of 1.53.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in Red Cat by 407.0% in the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after purchasing an additional 2,727 shares during the period. Royal Bank of Canada boosted its holdings in shares of Red Cat by 76.4% in the 1st quarter. Royal Bank of Canada now owns 57,800 shares of the company’s stock worth $340,000 after buying an additional 25,031 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 buying an additional 89,095 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Red Cat by 28.7% during the first quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company’s stock valued at $1,565,000 after buying an additional 59,334 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in 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 worth $1,148,000 after buying an additional 37,407 shares during the last quarter. Hedge funds and other institutional investors own 37.97% of the company’s stock.

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.