Red Cat (NASDAQ:RCAT) Shares Gap Down – Time to Sell?

Red Cat Holdings, Inc. (NASDAQ:RCAT) shares gapped down prior to trading on Friday . The stock had previously closed at $11.00, but opened at $10.55. Red Cat shares last traded at $10.50, with a volume of 3,361,398 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on RCAT shares. Northland Securities set a $16.00 price objective on shares of Red Cat in a report on Friday, August 15th. Wall Street Zen upgraded shares of Red Cat from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the stock. According to MarketBeat, Red Cat presently has an average rating of “Strong Buy” and an average price target of $16.00.

Red Cat Trading Down 0.1%

The company’s 50 day moving average is $9.17 and its 200 day moving average is $7.31. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -20.35 and a beta of 1.44.

Insider Buying and Selling at Red Cat

In other Red Cat news, Director Christopher R. Moe sold 16,833 shares of the firm’s stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $9.58, for a total transaction of $161,260.14. Following the transaction, the director directly owned 113,073 shares of the company’s stock, valued at approximately $1,083,239.34. This trade represents a 12.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph David Freedman sold 150,000 shares of the firm’s stock in a transaction on Monday, June 30th. The stock was sold at an average price of $7.37, for a total transaction of $1,105,500.00. Following the transaction, the director directly owned 165,260 shares in the company, valued at $1,217,966.20. The trade was a 47.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 176,833 shares of company stock worth $1,356,060 over the last three months. 15.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. VestGen Advisors LLC grew its position in Red Cat by 4.9% during the 2nd quarter. VestGen Advisors LLC now owns 23,625 shares of the company’s stock worth $172,000 after purchasing an additional 1,097 shares during the last quarter. Bank of America Corp DE grew its position in Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after purchasing an additional 2,727 shares during the last quarter. Squarepoint Ops LLC grew its position in Red Cat by 23.0% during the 4th quarter. Squarepoint Ops LLC now owns 15,496 shares of the company’s stock worth $199,000 after purchasing an additional 2,902 shares during the last quarter. Western Wealth Management LLC grew its position in Red Cat by 12.8% during the 2nd quarter. Western Wealth Management LLC now owns 26,500 shares of the company’s stock worth $193,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Financial Advocates Investment Management grew its position in Red Cat by 29.0% during the 2nd quarter. Financial Advocates Investment Management now owns 13,555 shares of the company’s stock worth $99,000 after purchasing an additional 3,046 shares during the last quarter. 37.97% of the stock is owned by hedge funds and other institutional investors.

About Red Cat

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.