Redwire (NYSE:RDW) Shares Down 3.6% – Time to Sell?
by Renee Jackson · The Cerbat GemRedwire Corporation (NYSE:RDW – Get Free Report)’s share price fell 3.6% during trading on Monday. The stock traded as low as $9.20 and last traded at $9.2360. 8,591,822 shares changed hands during trading, a decline of 67% from the average session volume of 25,833,783 shares. The stock had previously closed at $9.58.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on RDW. Jefferies Financial Group set a $15.00 price target on Redwire in a research report on Sunday, August 9th. Wall Street Zen upgraded shares of Redwire from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Guggenheim initiated coverage on Redwire in a report on Monday, September 14th. They issued a “neutral” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a research report on Friday, July 17th. Finally, Canaccord Genuity Group boosted their price objective on Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $14.69.
Read Our Latest Research Report on Redwire
Redwire Stock Down 5.9%
The stock’s fifty day moving average is $11.26 and its two-hundred day moving average is $11.82. The company has a current ratio of 3.92, a quick ratio of 3.48 and a debt-to-equity ratio of 0.03. The firm has a market cap of $2.15 billion, a P/E ratio of -5.90 and a beta of 3.12.
Redwire (NYSE:RDW – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.07. The firm had revenue of $117.07 million during the quarter, compared to the consensus estimate of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. As a group, research analysts anticipate that Redwire Corporation will post -0.70 earnings per share for the current year.
Insider Activity
In related news, Director Ae Red Holdings, Llc sold 929,435 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $11.34, for a total value of $10,539,792.90. Following the sale, the director owned 147,984 shares in the company, valued at approximately $1,678,138.56. This trade represents a 86.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.79% of the company’s stock.
Hedge Funds Weigh In On Redwire
Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Redwire during the 2nd quarter valued at about $196,514,000. Van ECK Associates Corp increased 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 worth $83,791,000 after purchasing an additional 4,341,424 shares during the last quarter. Bank of America Corp DE increased 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 worth $57,970,000 after purchasing an additional 6,730,414 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Redwire in the second quarter valued at approximately $16,583,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Redwire in the second quarter valued at approximately $11,186,000. 8.10% of the stock is currently owned by institutional investors.
About Redwire
Redwire Corporation is a space infrastructure and defense technology company that develops products and services for government and commercial customers. Its work supports space exploration, national security, civil space programs and the growing commercial space economy.
The company’s offerings include spacecraft platforms, avionics, sensors, deployable structures, solar arrays, in-space manufacturing systems, robotic technologies and components designed for satellite and space station applications.