Redwire (NYSE:RDW) Shares Gap Down – Here’s What Happened

Redwire Corporation (NYSE:RDW)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $18.57, but opened at $17.00. Redwire shares last traded at $17.05, with a volume of 18,673,336 shares.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on RDW shares. Truist Financial upgraded shares of Redwire to a “strong-buy” rating in a research note on Friday, May 1st. Jefferies Financial Group downgraded shares of Redwire from a “buy” rating to a “hold” rating and raised their price objective for the stock from $13.00 to $24.00 in a research note on Monday, June 1st. Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a research note on Tuesday, April 21st. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research note on Wednesday, April 22nd. Finally, Canaccord Genuity Group raised their price objective on shares of Redwire from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Redwire presently has an average rating of “Moderate Buy” and a consensus target price of $15.44.

Redwire Stock Performance

The stock has a market capitalization of $2.89 billion, a P/E ratio of -5.53 and a beta of 2.91. The firm has a 50-day moving average of $12.99 and a 200 day moving average of $10.24. The company has a quick ratio of 1.37, a current ratio of 1.75 and a debt-to-equity ratio of 0.08.

Redwire (NYSE:RDW) last issued its earnings results on Wednesday, May 6th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.24). The firm had revenue of $96.97 million during the quarter, compared to the consensus estimate of $105.94 million. Redwire had a negative return on equity of 11.68% and a negative net margin of 80.90%.The firm’s revenue for the quarter was up 57.9% compared to the same quarter last year. During the same period last year, the business earned ($0.09) earnings per share. Research analysts anticipate that Redwire Corporation will post -0.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ae Red Holdings, Llc sold 7,500,000 shares of the firm’s stock in a transaction on Tuesday, March 24th. The stock was sold at an average price of $9.15, for a total value of $68,625,000.00. Following the completion of the transaction, the director directly owned 36,135,217 shares of the company’s stock, valued at $330,637,235.55. This trade represents a 17.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 23,327,795 shares of company stock valued at $228,806,188 over the last three months. 0.79% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RDW. Bank of America Corp DE lifted its position in Redwire by 7,512.5% in the first quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock worth $57,970,000 after purchasing an additional 6,730,414 shares during the period. AE Industrial Partners LP raised its stake in Redwire by 7.1% during the third quarter. AE Industrial Partners LP now owns 91,598,704 shares of the company’s stock worth $823,472,000 after acquiring an additional 6,101,959 shares in the last quarter. State Street Corp lifted its holdings in shares of Redwire by 61.1% during the fourth quarter. State Street Corp now owns 4,708,600 shares of the company’s stock valued at $35,785,000 after acquiring an additional 1,786,038 shares during the period. UBS Group AG lifted its holdings in shares of Redwire by 140.8% during the fourth quarter. UBS Group AG now owns 2,039,902 shares of the company’s stock valued at $15,503,000 after acquiring an additional 1,192,885 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Redwire during the fourth quarter valued at $7,676,000. 8.10% of the stock is owned by institutional investors.

Redwire Company Profile

Redwire Corporation is a space infrastructure company specializing in the design, engineering and manufacturing of mission-critical hardware and software for the spaceflight industry. The company’s offerings include deployable structures, solar power systems, radio frequency antennas, advanced composites and transparent optics. Redwire serves a broad customer base that spans civil space agencies, national defense organizations and commercial satellite operators, helping enable missions ranging from communications and Earth observation to deep-space exploration.

Formed through the strategic combination of several specialized space technology firms, Redwire’s portfolio encompasses both flight-proven hardware and cutting-edge in-space manufacturing capabilities.