BUZZ-Drone tech co Red Cat tumbles after bigger-than-expected Q4 loss

Reuters
Yesterday
BUZZ-Drone tech co <a href="https://laohu8.com/S/RCAT">Red Cat</a> tumbles after bigger-than-expected Q4 loss

** Shares of drone tech firm Red Cat Holdings RCAT.O tumble 15.5% to $14.36 after Q4 loss was more than analysts' expectations

** Heading into the report, RCAT stock had gained ~46% since Feb 27, getting a boost from the war on Iran

** Utah-based co late Weds reported loss of 17 cents/sh, vs 33 cents loss a yr-ago, which was 2 cents wider than the LSEG estimate

** However, rev in qtr came in at $26.2 mln, up from $1.3 mln in prior yr, topping consensus view of $23.9 mln

** Reacting to the news, Needham upped its PT from $16 to $20

** Of 4 brokerages covering the stock, 1 rates "strong buy", 3 recommend "buy"; median PT of $20 up from $15.50 a month ago

** Even with decline on the session, stock up ~81% YTD and 165% over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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