Red Cat (NASDAQ:RCAT) Shares Up 3.8% – Time to Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price shot up 3.8% during mid-day trading on Wednesday . The company traded as high as $8.24 and last traded at $8.0840. 5,892,085 shares traded hands during trading, a decline of 32% from the average session volume of 8,617,690 shares. The stock had previously closed at $7.79.

Analyst Upgrades and Downgrades

RCAT has been the topic of a number of research reports. LADENBURG THALM/SH SH raised shares of Red Cat to a “strong-buy” rating in a report on Thursday, December 18th. Needham & Company LLC reduced their target price on shares of Red Cat from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Red Cat from a “hold” rating to a “sell” rating in a research report on Saturday, October 4th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $14.00.

Red Cat Trading Up 1.8%

The company has a market cap of $946.60 million, a PE ratio of -18.02 and a beta of 1.48. The business’s 50 day moving average is $8.36 and its two-hundred day moving average is $9.25.

Red Cat (NASDAQ:RCAT) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.09). The business had revenue of $9.65 million during the quarter, compared to analyst estimates of $8.18 million. As a group, equities research analysts predict that Red Cat Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RCAT. Bank of America Corp DE boosted its stake in Red Cat by 407.0% in 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 period. Invesco Ltd. lifted its holdings in shares of Red Cat by 309.8% in the first quarter. Invesco Ltd. now owns 96,134 shares of the company’s stock worth $565,000 after buying an additional 72,678 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Red Cat by 76.4% during the first quarter. Royal Bank of Canada now owns 57,800 shares of the company’s stock worth $340,000 after acquiring an additional 25,031 shares during the last quarter. Integrated Wealth Concepts LLC boosted its position in shares of Red Cat by 66.0% during 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 last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Red Cat by 63.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 229,259 shares of the company’s stock valued at $1,348,000 after acquiring an additional 89,095 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 (NASDAQ: RCAT) is a technology holding company that develops and delivers advanced robotics, autonomy, and sensing solutions for defense, national security, public safety and commercial customers. Headquartered in American Fork, Utah, the company brings together a portfolio of specialized operating businesses focused on unmanned aerial systems (UAS), mission management software, precision mapping sensors and engineering services.

Through its UAS segment, Red Cat designs and manufactures small to medium-sized fixed-wing and vertical-takeoff drones that support intelligence, surveillance and reconnaissance (ISR) missions.