Stock Traders Purchase High Volume of Red Cat Call Options (NASDAQ:RCAT)

Red Cat Holdings, Inc. (NASDAQ:RCAT) was the target of unusually large options trading activity on Wednesday. Investors purchased 28,353 call options on the company. This represents an increase of approximately 16% compared to the typical volume of 24,458 call options.

Wall Street Analysts Forecast Growth

RCAT has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $16.00 price objective on shares of Red Cat in a report on Monday, March 2nd. Northland Securities set a $22.00 target price on Red Cat in a research note on Tuesday, January 20th. LADENBURG THALM/SH SH lifted their target price on Red Cat from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Red Cat in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Red Cat currently has a consensus rating of “Hold” and an average price target of $19.33.

Red Cat Trading Up 0.2%

Shares of NASDAQ RCAT opened at $17.00 on Thursday. The stock has a market cap of $2.03 billion, a P/E ratio of -38.64 and a beta of 1.53. The business’s fifty day simple moving average is $13.80 and its 200-day simple moving average is $11.10. Red Cat has a 12-month low of $4.60 and a 12-month high of $18.78.

Institutional Investors Weigh In On Red Cat

Hedge funds have recently bought and sold shares of the stock. IFP Advisors Inc grew its position in shares of Red Cat by 181.1% during the third quarter. IFP Advisors Inc now owns 2,670 shares of the company’s stock worth $28,000 after buying an additional 1,720 shares in the last quarter. Montag A & Associates Inc. raised its holdings in Red Cat by 552.0% in the third quarter. Montag A & Associates Inc. now owns 3,260 shares of the company’s stock valued at $34,000 after acquiring an additional 2,760 shares in the last quarter. Bank of America Corp DE lifted its stake in Red Cat by 407.0% in the fourth quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock worth $44,000 after acquiring an additional 2,727 shares during the last quarter. Global Retirement Partners LLC purchased a new position in Red Cat in the third quarter worth approximately $36,000. Finally, Penserra Capital Management LLC acquired a new position in Red Cat during the 3rd quarter worth approximately $46,000. Institutional investors and hedge funds 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.