Red Cat (NASDAQ:RCAT) Trading 6% Higher – Still a Buy?

Shares of Red Cat Holdings, Inc. (NASDAQ:RCAT) traded up 6% during mid-day trading on Tuesday . The stock traded as high as $6.22 and last traded at $6.24. 3,507,097 shares were traded during trading, a decline of 12% from the average session volume of 3,995,277 shares. The stock had previously closed at $5.88.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Northland Securities initiated coverage on Red Cat in a research report on Tuesday, March 11th. They set an “outperform” rating and a $13.00 price objective on the stock. Northland Capmk upgraded shares of Red Cat to a “strong-buy” rating in a research report on Monday, March 10th.

Red Cat Stock Performance

The business’s 50-day moving average is $7.34 and its 200 day moving average is $6.82. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.60 and a current ratio of 1.43. The company has a market cap of $547.09 million, a PE ratio of -11.83 and a beta of 1.32.

Institutional Investors Weigh In On Red Cat

Hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC increased its stake in Red Cat by 23.0% in the 4th quarter. Squarepoint Ops LLC now owns 15,496 shares of the company’s stock worth $199,000 after purchasing an additional 2,902 shares during the period. Two Sigma Advisers LP purchased a new position in shares of Red Cat in the fourth quarter worth $362,000. Tidal Investments LLC bought a new stake in Red Cat during the 4th quarter valued at $270,000. Nomura Holdings Inc. bought a new stake in Red Cat during the 4th quarter valued at $180,000. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Red Cat during the 4th quarter valued at $1,714,000. Institutional investors own 37.97% of the company’s stock.

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.