BUZZ-Red Cat surges again to record high

Reuters11-22

BUZZ-Red Cat surges again to record high

** Shares of drone technology co Red Cat Holdings RCAT.O up 21.7% at $7.75 on Thurs, extending strong recent gains

** RCAT rises as much as 23.4% on session to $7.86, a record high, and nearly double stock's Nov 14 closing price of $4.02

** Stock on Weds surged 34% amid news of military contract win, and expanded partnership with Palladyne AI Corp PDYN.O, developer of artificial intelligence software for robotic platforms in commercial and defense sectors

** Mid afternoon on Tues, the San Juan, Puerto Rico-based firm said its Teal Drones subsidiary was selected for U.S. Army's short range reconnaissance program

** Red Cat, which bought Teal in 2021 in a $14 mln all-stock deal, has never been profitable and recently warned it may be unable to continue as a going concern (Click here for Sept 10-Q filing)

** Co made its Nasdaq .IXIC debut on Apr 30, 2021, after $16 mln public offering priced at $4 and its shares uplisted from the QTCQB Venture Market

** It has ~77.57 mln shares outstanding for roughly $600 mln current market cap and ~60.23 mln shares of free float, per LSEG

** About 11 mln shares have exchanged hands so far on Thurs vs stock's 50-DMA volume of about 2.3 mln shares

** Just two firms have research coverage on RCAT: Ladenburg rates stock "strong buy" with $9 PT and ThinkEquity rates "buy" with $5 PT

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

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

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