Red Cat Holdings, Inc. (NASDAQ:RCAT) Stock Has Consensus Target Price of $16.71

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) have received a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $16.71.

A number of equities analysts have commented on RCAT shares. Piper Sandler initiated coverage on shares of Red Cat in a research note on Wednesday, September 2nd. They set a “neutral” rating and a $9.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a research note on Friday, July 17th. HC Wainwright restated a “buy” rating and issued a $20.00 target price on shares of Red Cat in a research report on Friday, August 7th. Needham & Company LLC decreased their price target on Red Cat from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Finally, Evercore began coverage on Red Cat in a research report on Monday, August 31st. They set an “outperform” rating and a $15.00 price objective for the company.

Insider Buying and Selling

In other Red Cat news, Director Christopher R. Moe sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $10.51, for a total transaction of $210,200.00. Following the transaction, the director directly owned 200,502 shares in the company, valued at $2,107,276.02. This represents a 9.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nicholas Reyland Liuzza, Jr. sold 55,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $10.63, for a total value of $584,650.00. Following the transaction, the director owned 489,874 shares in the company, valued at $5,207,360.62. This trade represents a 10.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 225,000 shares of company stock valued at $1,955,850. Company insiders own 12.50% of the company’s stock.

Institutional Investors Weigh In On Red Cat

Institutional investors have recently modified their holdings of the company. CoreCap Advisors LLC boosted its position in shares of Red Cat by 13.8% in the 2nd quarter. CoreCap Advisors LLC now owns 9,039 shares of the company’s stock valued at $96,000 after purchasing an additional 1,095 shares during the period. Western Wealth Management LLC increased its holdings in shares of Red Cat by 4.5% in the 1st quarter. Western Wealth Management LLC now owns 36,722 shares of the company’s stock valued at $481,000 after acquiring an additional 1,570 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Red Cat by 1.2% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 140,804 shares of the company’s stock valued at $1,500,000 after purchasing an additional 1,608 shares during the last quarter. Wealthfront Advisers LLC grew its position in Red Cat by 15.7% during the 1st quarter. Wealthfront Advisers LLC now owns 12,959 shares of the company’s stock worth $170,000 after purchasing an additional 1,754 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Red Cat by 4.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 49,008 shares of the company’s stock worth $522,000 after purchasing an additional 1,961 shares during the last quarter. 37.97% of the stock is owned by institutional investors and hedge funds.

Red Cat Stock Performance

NASDAQ:RCAT opened at $6.40 on Tuesday. Red Cat has a one year low of $5.77 and a one year high of $18.78. The stock has a market cap of $785.54 million, a PE ratio of -7.90 and a beta of 1.51. The stock has a 50 day moving average price of $8.27 and a 200 day moving average price of $10.31.

Red Cat (NASDAQ:RCAT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.05). Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%.The company had revenue of $20.20 million for the quarter, compared to analysts’ expectations of $22.65 million. As a group, analysts predict that Red Cat will post -0.79 earnings per share for the current fiscal year.

Red Cat Company Profile

Red Cat Holdings, Inc is a drone technology company that develops and supplies unmanned aircraft systems for defense, government, public safety and commercial applications. The company focuses on autonomous and remotely operated aerial systems designed to support intelligence, surveillance and reconnaissance missions, including operations in contested or GPS-denied environments.

Red Cat’s product portfolio includes the Teal 2 small unmanned aircraft system, a compact drone designed for close-range reconnaissance and situational awareness.