Red Cat (NASDAQ:RCAT) Reaches New 52-Week High – What’s Next?

Red Cat Holdings, Inc. (NASDAQ:RCAT) hit a new 52-week high on Friday . The company traded as high as $18.78 and last traded at $18.37, with a volume of 17202065 shares changing hands. The stock had previously closed at $15.08.

Analysts Set New Price Targets

Several analysts have issued reports on the company. LADENBURG THALM/SH SH upped their target price on Red Cat from $15.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Northland Securities set a $22.00 target price on shares of Red Cat in a research report on Tuesday, January 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $16.00 price target on shares of Red Cat in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.33.

Red Cat Price Performance

The stock has a market cap of $1.83 billion, a PE ratio of -34.91 and a beta of 1.53. The business has a 50 day moving average price of $12.73 and a two-hundred day moving average price of $10.74.

Institutional Investors Weigh In On Red Cat

A number of large investors have recently added to or reduced their stakes in the company. State Street Corp raised its stake in shares of Red Cat by 136.4% during the fourth quarter. State Street Corp now owns 6,612,153 shares of the company’s stock valued at $52,434,000 after acquiring an additional 3,815,310 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Red Cat by 9.0% in the fourth quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock worth $47,580,000 after purchasing an additional 493,660 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Red Cat by 13.4% in the fourth quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company’s stock worth $19,991,000 after purchasing an additional 297,967 shares during the last quarter. AWM Investment Company Inc. increased its holdings in Red Cat by 15.3% during the 2nd quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock valued at $14,834,000 after purchasing an additional 269,942 shares during the period. Finally, Brevan Howard Capital Management LP bought a new position in Red Cat during the 3rd quarter valued at approximately $19,739,000. Institutional investors own 37.97% of the company’s stock.

Red Cat Company Profile

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.