Red Cat (NASDAQ:RCAT) Trading 6% Higher – Here’s What Happened

Red Cat Holdings, Inc. (NASDAQ:RCAT)’s share price rose 6% on Tuesday . The stock traded as high as $6.22 and last traded at $6.24. Approximately 3,507,097 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 3,995,277 shares. The stock had previously closed at $5.88.

Analyst Upgrades and Downgrades

RCAT has been the topic of a number of research reports. Northland Capmk upgraded Red Cat to a “strong-buy” rating in a research note on Monday, March 10th. Northland Securities started coverage on Red Cat in a research note on Tuesday, March 11th. They set an “outperform” rating and a $13.00 target price on the stock.

Red Cat Trading Down 8.5 %

The company’s 50 day simple moving average is $7.24 and its 200 day simple moving average is $6.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.43 and a quick ratio of 0.60. The firm has a market cap of $581.34 million, a price-to-earnings ratio of -12.57 and a beta of 1.32.

Hedge Funds Weigh In On Red Cat

Institutional investors and hedge funds have recently made changes to their positions in the stock. Twin Tree Management LP acquired a new position in Red Cat during the 4th quarter worth approximately $28,000. Bank of America Corp DE increased its holdings 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 valued at $44,000 after buying an additional 2,727 shares during the last quarter. Mark Sheptoff Financial Planning LLC purchased a new position in Red Cat in the fourth quarter valued at $48,000. SBI Securities Co. Ltd. acquired a new stake in Red Cat in the fourth quarter valued at $60,000. Finally, Jones Financial Companies Lllp lifted its holdings in Red Cat by 1,536.6% during the 4th quarter. Jones Financial Companies Lllp now owns 8,887 shares of the company’s stock worth $114,000 after buying an additional 8,344 shares during the last quarter. 37.97% of the stock is owned by institutional investors and hedge funds.

About Red Cat

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.