Red Cat (NASDAQ:RCAT) Coverage Initiated at Needham & Company LLC

Equities researchers at Needham & Company LLC initiated coverage on shares of Red Cat (NASDAQ:RCAT) in a research report issued to clients and investors on Friday, Marketbeat.com reports. The firm set a “buy” rating and a $17.00 price target on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 31.89% from the company’s previous close.

Several other research firms have also commented on RCAT. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a research report on Saturday, September 27th. Wall Street Zen lowered shares of Red Cat from a “hold” rating to a “sell” rating in a research report on Saturday. Northland Securities set a $16.00 price target on shares of Red Cat in a research report on Friday, August 15th. Finally, LADENBURG THALM/SH SH upgraded shares of Red Cat to a “strong-buy” rating in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $16.50.

Red Cat Price Performance

RCAT stock opened at $12.89 on Friday. Red Cat has a 1-year low of $2.66 and a 1-year high of $15.27. The firm has a fifty day moving average price of $9.64 and a two-hundred day moving average price of $7.87. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -23.87 and a beta of 1.45.

Insiders Place Their Bets

In other Red Cat news, Director Christopher R. Moe sold 10,000 shares of the company’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $10.91, for a total transaction of $109,100.00. Following the completion of the sale, the director directly owned 53,073 shares of the company’s stock, valued at approximately $579,026.43. This represents a 15.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders have sold 86,833 shares of company stock valued at $861,560. 15.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Red Cat

Hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System purchased a new stake in Red Cat during the second quarter valued at about $34,000. Caitong International Asset Management Co. Ltd lifted its stake in Red Cat by 28,681.0% during the second quarter. Caitong International Asset Management Co. Ltd now owns 6,044 shares of the company’s stock valued at $44,000 after buying an additional 6,023 shares in the last quarter. Bank of America Corp DE lifted its stake in Red Cat by 407.0% during the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after buying an additional 2,727 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Red Cat by 1,537.2% during the second quarter. BNP Paribas Financial Markets now owns 7,220 shares of the company’s stock valued at $53,000 after buying an additional 6,779 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its stake in Red Cat by 104.4% during the first quarter. SBI Securities Co. Ltd. now owns 9,467 shares of the company’s stock valued at $56,000 after buying an additional 4,835 shares in 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.