Red Cat (NASDAQ:RCAT) Shares Up 6.8% – Time to Buy?

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price was up 6.8% on Monday . The company traded as high as $7.01 and last traded at $6.59. Approximately 1,871,527 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 4,089,532 shares. The stock had previously closed at $6.17.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RCAT. Northland Capmk upgraded shares of Red Cat to a “strong-buy” rating in a research note on Monday, March 10th. Northland Securities began coverage on shares of Red Cat in a research report on Tuesday, March 11th. They set an “outperform” rating and a $13.00 price target for the company.

Red Cat Trading Up 5.2 %

The company has a current ratio of 1.43, a quick ratio of 0.60 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $7.16 and a 200-day moving average price of $6.95. The company has a market capitalization of $555.86 million, a price-to-earnings ratio of -12.02 and a beta of 1.34.

Institutional Trading of Red Cat

Several institutional investors have recently made changes to their positions in RCAT. Sanctuary Advisors LLC acquired a new position in Red Cat during the third quarter worth $25,000. Twin Tree Management LP bought a new position in Red Cat in the 4th quarter worth approximately $28,000. Bank of America Corp DE raised its stake in Red Cat by 407.0% during the 4th quarter. Bank of America Corp DE now owns 3,397 shares of the company’s stock valued at $44,000 after purchasing an additional 2,727 shares during the last quarter. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Red Cat in the fourth quarter valued at about $48,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Red Cat in the 4th quarter worth approximately $60,000. 37.97% of the stock is currently owned by institutional investors and hedge funds.

Red Cat Company Profile

Red Cat Holdings, Inc engages in the provision of various products, services, and solutions to the drone industry. The company operates through two segments: Enterprise and Consumer. It built infrastructure to manages drone fleets and fly, and provide services remotely, navigate confined industrial interior spaces and dangerous military environment.