Red Cat Holdings, Inc. (NASDAQ:RCAT) Receives $16.50 Consensus Target Price from Brokerages

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) have been assigned an average recommendation of “Buy” from the five ratings firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, two have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $16.50.

RCAT has been the topic of a number of research reports. Wall Street Zen downgraded Red Cat from a “hold” rating to a “sell” rating in a report on Saturday, October 4th. Needham & Company LLC began coverage on Red Cat in a research note on Friday, October 3rd. They set a “buy” rating and a $17.00 price objective for the company. LADENBURG THALM/SH SH upgraded Red Cat to a “strong-buy” rating in a research report on Thursday, October 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research report on Wednesday, October 8th. Finally, Northland Securities set a $16.00 price objective on Red Cat in a research report on Friday, August 15th.

Red Cat Price Performance

Red Cat stock opened at $11.25 on Wednesday. The stock’s 50-day moving average is $11.02 and its 200-day moving average is $8.74. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -24.46 and a beta of 1.45. Red Cat has a 12 month low of $2.96 and a 12 month high of $16.70.

Insiders Place Their Bets

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

Institutional Trading of Red Cat

Several hedge funds have recently added to or reduced their stakes in the business. Kornitzer Capital Management Inc. KS bought a new stake in Red Cat during the 3rd quarter valued at $880,000. Strs Ohio raised its stake in Red Cat by 43.5% during the 3rd quarter. Strs Ohio now owns 9,900 shares of the company’s stock valued at $102,000 after acquiring an additional 3,000 shares in the last quarter. Root Financial Partners LLC bought a new stake in Red Cat during the 3rd quarter valued at $52,000. Wealth Enhancement Advisory Services LLC raised its stake in Red Cat by 46.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 37,146 shares of the company’s stock valued at $384,000 after acquiring an additional 11,790 shares in the last quarter. Finally, Forefront Wealth Management Inc. bought a new stake in Red Cat during the 3rd quarter valued at $300,000. Institutional investors own 37.97% of the company’s stock.

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.