MYDA Advisors LLC Makes New Investment in Red Cat Holdings, Inc. $RCAT

MYDA Advisors LLC bought a new position in shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 100,000 shares of the company’s stock, valued at approximately $793,000. MYDA Advisors LLC owned approximately 0.08% of Red Cat at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Mariner LLC lifted its holdings in Red Cat by 651.9% during the fourth quarter. Mariner LLC now owns 165,858 shares of the company’s stock worth $1,316,000 after acquiring an additional 143,800 shares in the last quarter. Barclays PLC lifted its holdings in Red Cat by 41.2% during the fourth quarter. Barclays PLC now owns 172,511 shares of the company’s stock worth $1,368,000 after acquiring an additional 50,301 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Red Cat by 10.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 30,836 shares of the company’s stock worth $245,000 after acquiring an additional 2,847 shares in the last quarter. Bridgefront Capital LLC bought a new position in Red Cat during the fourth quarter worth about $239,000. Finally, Rafferty Asset Management LLC bought a new position in Red Cat during the fourth quarter worth about $192,000. 37.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RCAT. Clear Str upgraded Red Cat to a “strong-buy” rating in a report on Wednesday, April 29th. Roth Mkm began coverage on Red Cat in a report on Monday, June 1st. They set a “buy” rating and a $25.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a report on Tuesday, April 21st. Wall Street Zen upgraded Red Cat from a “strong sell” rating to a “sell” rating in a report on Saturday, June 6th. Finally, HC Wainwright started coverage on Red Cat in a report on Wednesday, May 27th. They set a “buy” rating and a $20.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $21.40.

Red Cat Price Performance

Shares of Red Cat stock opened at $11.18 on Monday. The firm has a market cap of $1.37 billion, a price-to-earnings ratio of -15.97 and a beta of 1.23. The stock’s 50-day moving average is $11.75 and its 200-day moving average is $11.83. Red Cat Holdings, Inc. has a one year low of $5.77 and a one year high of $18.78.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.10). The firm had revenue of $15.47 million during the quarter, compared to the consensus estimate of $17.63 million. Red Cat had a negative net margin of 138.36% and a negative return on equity of 35.86%. The business’s revenue for the quarter was up 849.1% compared to the same quarter last year. On average, equities analysts expect that Red Cat Holdings, Inc. will post -0.68 EPS for the current year.

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.