Drone firm Red Cat soars over 20% after bullish Wall Street reports

Red Cat Holdings

03/10/2025 15:32

** Shares of Red Cat Holdings RCAT.O up 22.4% at $14.11, a nearly 9-mth high, early Fri after two brokerages issue bullish reports

** RCAT shares rising for 5th straight day, tracking ~36% weekly gain

** Needham initiates coverage of drone tech firm at 'buy' with PT of $17, implying ~48% upside to stock's last close

** Also, Northland Capital Markets boosts its PT by $2 to $18

** RCAT benefiting from increased demand for small autonomous mobile systems, such as drones and unmanned surface vessels (USV), Northland says, adding the Ukraine war has prompted the U.S. Government and militaries globally to accelerate purchases

** The San Juan, Puerto Rico-headquartered firm's RCAT has about $1.7 bln current market cap, per LSEG data

** With move on Fri, RCAT shares up ~8% YTD. The stock closed at $3.29 a year ago

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

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