Key Points
- Red Cat CEO Jeffrey Thompson sold 150,000 shares at an average price of $7.74, generating approximately $1.16 million. The sale was conducted under a pre-arranged Rule 10b5-1 plan and reduced his direct holdings by 1.26%.
- Red Cat shares opened at $7.09, below their 50-day and 200-day moving averages of $8.60 and $10.93, respectively. The company recently reported a quarterly loss of $0.26 per share and revenue of $20.2 million, both weaker than analysts’ expectations.
- Analysts maintain a “Moderate Buy” consensus with an average price target of $16.71, while institutional investors—including BlackRock and VanEck—have built significant positions; hedge funds and other institutions own 37.97% of the stock.
Red Cat Holdings, Inc. (NASDAQ:RCAT - Get Free Report) CEO Jeffrey Thompson sold 150,000 shares of the company's stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $7.74, for a total transaction of $1,161,000.00. Following the sale, the chief executive officer directly owned 11,712,202 shares of the company's stock, valued at $90,652,443.48. The trade was a 1.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Red Cat Price Performance
Shares of NASDAQ:RCAT opened at $7.09 on Friday. The firm's 50 day moving average price is $8.60 and its 200-day moving average price is $10.93. Red Cat Holdings, Inc. has a twelve month low of $5.77 and a twelve month high of $18.78. The stock has a market capitalization of $870.24 million, a PE ratio of -8.75 and a beta of 1.35.
Red Cat (NASDAQ:RCAT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.05). The business had revenue of $20.20 million during the quarter, compared to analysts' expectations of $22.65 million. Red Cat had a negative return on equity of 32.25% and a negative net margin of 136.26%. Analysts expect that Red Cat Holdings, Inc. will post -0.77 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the stock. UBS Group started coverage on shares of Red Cat in a research report on Wednesday, May 27th. They set a "buy" rating for the company. Northland Securities set a $13.00 target price on Red Cat in a report on Thursday. Piper Sandler started coverage on Red Cat in a research report on Wednesday, September 2nd. They set a "neutral" rating and a $9.00 target price on the stock. Evercore initiated coverage on Red Cat in a research report on Monday, August 31st. They set an "outperform" rating and a $15.00 target price on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $20.00 price target on shares of Red Cat in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Red Cat has a consensus rating of "Moderate Buy" and an average target price of $16.71.
View Our Latest Report on Red Cat
Hedge Funds Weigh In On Red Cat
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Red Cat in the second quarter worth approximately $119,610,000. Van ECK Associates Corp bought a new stake in shares of Red Cat during the 2nd quarter valued at $27,193,000. Renaissance Technologies LLC bought a new stake in shares of Red Cat during the 1st quarter valued at $18,533,000. AWM Investment Company Inc. purchased a new position in shares of Red Cat during the 2nd quarter valued at $9,313,000. Finally, Bank of America Corp DE purchased a new position in shares of Red Cat during the 2nd quarter valued at $9,211,000. Hedge funds and other institutional investors own 37.97% of the company's stock.
About Red Cat
(
Get Free Report)
Red Cat Holdings, Inc is a drone technology company that develops and supplies small unmanned aircraft systems for military, government, public safety and commercial applications. Its solutions are designed to support intelligence, surveillance and reconnaissance, situational awareness, and other missions requiring portable and rapidly deployable aerial systems.
Through its Teal Drones business, Red Cat offers the Teal 2 and related Black Widow systems, compact drones designed for defense and public-safety users.
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