Red Cat (NASDAQ:RCAT) Trading Up 7.5% After Analyst Upgrade

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s stock price rose 7.5% on Tuesday after LADENBURG THALM/SH SH raised their price target on the stock from $15.00 to $20.00. LADENBURG THALM/SH SH currently has a buy rating on the stock. Red Cat traded as high as $16.09 and last traded at $14.70. Approximately 36,897,691 shares traded hands during trading, an increase of 160% from the average daily volume of 14,169,979 shares. The stock had previously closed at $13.67.

A number of other research analysts have also recently commented on RCAT. Northland Securities set a $22.00 price target on Red Cat in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Red Cat in a report on Thursday, January 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $16.00 target price on shares of Red Cat in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.33.

Institutional Investors Weigh In On Red Cat

Several large investors have recently bought and sold shares of the stock. State Street Corp raised its position in Red Cat by 136.4% in the 4th quarter. State Street Corp now owns 6,612,153 shares of the company’s stock valued at $52,434,000 after purchasing an additional 3,815,310 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Red Cat by 9.0% during the fourth quarter. Vanguard Group Inc. now owns 6,000,037 shares of the company’s stock worth $47,580,000 after buying an additional 493,660 shares during the period. Geode Capital Management LLC increased its stake in shares of Red Cat by 13.4% during the fourth quarter. Geode Capital Management LLC now owns 2,520,524 shares of the company’s stock worth $19,991,000 after buying an additional 297,967 shares during the period. AWM Investment Company Inc. raised its holdings in Red Cat by 15.3% in the second quarter. AWM Investment Company Inc. now owns 2,037,616 shares of the company’s stock valued at $14,834,000 after acquiring an additional 269,942 shares in the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in Red Cat in the third quarter worth approximately $19,739,000. Hedge funds and other institutional investors own 37.97% of the company’s stock.

Red Cat Price Performance

The company has a market cap of $1.76 billion, a PE ratio of -33.48 and a beta of 1.53. The business’s 50 day moving average is $12.47 and its 200-day moving average is $10.65.

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.