Red Cat Sees Unusually Large Options Volume (NASDAQ:RCAT)

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the recipient of unusually large options trading activity on Friday. Traders acquired 30,077 call options on the stock. This represents an increase of 31% compared to the typical daily volume of 22,952 call options.

Insider Transactions at Red Cat

In other news, Director Christopher R. Moe sold 10,000 shares of the stock in a transaction on Monday, September 29th. The stock was sold at an average price of $10.91, for a total value of $109,100.00. Following the completion of the sale, the director owned 53,073 shares in the company, valued at $579,026.43. This represents a 15.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last 90 days, insiders have sold 86,833 shares of company stock worth $861,560. 15.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Red Cat

Large investors have recently bought and sold shares of the business. Marex Group plc bought a new position in Red Cat during the second quarter valued at about $333,000. Captrust Financial Advisors increased its holdings in shares of Red Cat by 30.9% during the 2nd quarter. Captrust Financial Advisors now owns 820,279 shares of the company’s stock valued at $5,972,000 after acquiring an additional 193,853 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Red Cat by 64.1% in the 2nd quarter. Tidal Investments LLC now owns 34,916 shares of the company’s stock valued at $254,000 after acquiring an additional 13,643 shares in the last quarter. Riggs Asset Managment Co. Inc. bought a new position in shares of Red Cat in the 2nd quarter valued at approximately $62,000. Finally, Oxford Asset Management LLP acquired a new stake in Red Cat in the 2nd quarter worth approximately $262,000. 37.97% of the stock is currently owned by institutional investors.

Red Cat Stock Up 11.9%

NASDAQ RCAT opened at $12.89 on Friday. The stock has a market capitalization of $1.52 billion, a PE ratio of -23.87 and a beta of 1.45. Red Cat has a 12-month low of $2.66 and a 12-month high of $15.27. The company has a 50 day moving average price of $9.64 and a two-hundred day moving average price of $7.85.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RCAT. Northland Securities set a $16.00 price objective on Red Cat in a research report on Friday, August 15th. Needham & Company LLC initiated coverage on shares of Red Cat in a report on Friday. They set a “buy” rating and a $17.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research note on Saturday, September 27th. Finally, Wall Street Zen upgraded shares of Red Cat from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Red Cat has an average rating of “Moderate Buy” and an average target price of $16.50.

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.