Truist Financial Corp Acquires Shares of 23,000 Red Cat Holdings, Inc. $RCAT

Truist Financial Corp acquired a new stake in shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 23,000 shares of the company’s stock, valued at approximately $167,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Apis Capital Advisors LLC grew its stake in shares of Red Cat by 4.9% in the first quarter. Apis Capital Advisors LLC now owns 682,000 shares of the company’s stock worth $4,010,000 after acquiring an additional 32,000 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Red Cat by 28.7% in the first quarter. Goldman Sachs Group Inc. now owns 266,099 shares of the company’s stock worth $1,565,000 after acquiring an additional 59,334 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Red Cat by 63.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 229,259 shares of the company’s stock worth $1,348,000 after acquiring an additional 89,095 shares during the period. GW Henssler & Associates Ltd. bought a new stake in shares of Red Cat in the first quarter worth approximately $1,297,000. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Red Cat by 66.0% in the first quarter. Integrated Wealth Concepts LLC now owns 195,225 shares of the company’s stock worth $1,148,000 after acquiring an additional 77,630 shares during the period. 37.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related 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 value of $109,100.00. Following the completion of the sale, the director directly owned 53,073 shares of the company’s stock, valued at $579,026.43. This represents a 15.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 86,833 shares of company stock valued at $861,560 over the last ninety days. 15.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RCAT. Wall Street Zen downgraded shares of Red Cat from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Northland Securities set a $16.00 price objective on shares of Red Cat in a report on Friday, August 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Red Cat in a report on Wednesday, October 8th. Needham & Company LLC began coverage on shares of Red Cat in a report on Friday, October 3rd. They issued a “buy” rating and a $17.00 price objective on the stock. Finally, LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a report on Thursday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $16.50.

Red Cat Stock Down 8.7%

RCAT stock opened at $11.74 on Friday. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of -21.74 and a beta of 1.45. Red Cat Holdings, Inc. has a twelve month low of $2.66 and a twelve month high of $16.70. The firm’s fifty day simple moving average is $10.69 and its two-hundred day simple moving average is $8.43.

Red Cat Company Profile

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.