Red Cat (NASDAQ:RCAT) Trading Down 1.9% – Here’s Why

Red Cat Holdings, Inc. (NASDAQ:RCAT) fell 1.9% during mid-day trading on Friday . The company traded as low as $15.47 and last traded at $15.86. 17,619,662 shares were traded during trading, an increase of 8% from the average session volume of 16,285,238 shares. The stock had previously closed at $16.16.

Analysts Set New Price Targets

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

Red Cat Stock Down 1.9%

The company has a market cap of $1.89 billion, a P/E ratio of -36.05 and a beta of 1.53. The firm has a fifty day moving average price of $13.32 and a 200 day moving average price of $10.89.

Institutional Investors Weigh In On Red Cat

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. IFP Advisors Inc raised its stake in shares of Red Cat by 181.1% in the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after acquiring an additional 1,720 shares during the last quarter. Montag A & Associates Inc. grew its stake in shares of Red Cat by 552.0% during the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after purchasing an additional 2,760 shares during the last quarter. Bank of America Corp DE increased its holdings 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 valued at $44,000 after purchasing an additional 2,727 shares in the last quarter. Global Retirement Partners LLC bought a new position in Red Cat in the 3rd quarter worth approximately $36,000. Finally, Penserra Capital Management LLC bought a new position in Red Cat in the 3rd quarter worth approximately $46,000. Institutional investors and hedge funds 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.