Redwire (NYSE:RDW) Shares Down 2.5% – Here’s What Happened

Redwire Corporation (NYSE:RDW) fell 2.5% on Wednesday. The company traded as low as $10.44 and last traded at $10.4620. 11,820,190 shares traded hands during trading, a decline of 55% from the average daily volume of 26,361,273 shares. The stock had previously closed at $10.73.

Analysts Set New Price Targets

RDW has been the subject of a number of recent analyst reports. Wall Street Zen raised Redwire from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Cantor Fitzgerald boosted their target price on Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Canaccord Genuity Group increased their price target on Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Bank of America raised their price target on Redwire from $7.00 to $8.00 and gave the company an “underperform” rating in a report on Monday, August 31st. Finally, Jefferies Financial Group set a $15.00 price objective on shares of Redwire in a research report on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Redwire has an average rating of “Hold” and an average target price of $14.69.

Redwire Stock Down 2.5%

The firm has a 50-day moving average price of $11.03 and a 200 day moving average price of $11.77. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.92 and a quick ratio of 3.48. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -7.17 and a beta of 3.08.

Redwire (NYSE:RDW) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.07. Redwire had a negative return on equity of 11.02% and a negative net margin of 57.26%.The business had revenue of $117.07 million during the quarter, compared to analysts’ expectations of $107.10 million. Sell-side analysts predict that Redwire Corporation will post -0.7 EPS for the current year.

Insider Activity at Redwire

In related news, Director Ae Red Holdings, Llc sold 929,435 shares of the firm’s stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $11.34, for a total transaction of $10,539,792.90. Following the transaction, the director directly owned 147,984 shares of the company’s stock, valued at approximately $1,678,138.56. This trade represents a 86.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.79% of the company’s stock.

Institutional Trading of Redwire

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Redwire during the 2nd quarter worth approximately $196,514,000. Bank of America Corp DE raised its position in shares of 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 valued at $57,970,000 after buying an additional 6,730,414 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Redwire by 173.0% in the second quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company’s stock valued at $83,791,000 after buying an additional 4,341,424 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Redwire in the second quarter valued at approximately $16,583,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Redwire during the second quarter worth approximately $11,186,000. Institutional investors own 8.10% of the company’s stock.

About Redwire

Redwire Corporation is a space infrastructure and technology company that develops products and services for government, commercial and international space customers. Its capabilities support the design, manufacture and operation of spacecraft, space systems and related infrastructure across missions in low Earth orbit and beyond.

The company’s offerings include digital engineering and mission-support services, spacecraft platforms, avionics, sensors, power systems, deployable structures and solar arrays.