Redwire (NYSE:RDW) Trading Down 2.2% – Here’s What Happened

Redwire Corporation (NYSE:RDW) shares traded down 2.2% during trading on Wednesday . The company traded as low as $11.88 and last traded at $11.9560. Approximately 21,750,581 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 32,173,068 shares. The stock had previously closed at $12.23.

Wall Street Analyst Weigh In

Several research firms have issued reports on RDW. Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a report on Tuesday, April 21st. Canaccord Genuity Group raised their price target on shares of Redwire from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Truist Financial upgraded shares of Redwire to a “strong-buy” rating in a research note on Friday, May 1st. Jefferies Financial Group raised shares of Redwire to a “hold” rating in a report on Wednesday, June 10th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Redwire in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.44.

Redwire Trading Down 2.2%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.75. The business has a fifty day simple moving average of $14.28 and a 200 day simple moving average of $11.11. The company has a market cap of $2.86 billion, a P/E ratio of -4.46 and a beta of 2.92.

Redwire (NYSE:RDW) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 80.90% and a negative return on equity of 11.68%. Redwire’s revenue was up 57.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) earnings per share. Analysts anticipate that Redwire Corporation will post -0.76 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Redwire news, Director Ae Red Holdings, Llc sold 1,070,565 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $21.48, for a total transaction of $22,995,736.20. Following the completion of the sale, the director owned 1,077,419 shares in the company, valued at $23,142,960.12. The trade was a 49.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 13,211,433 shares of company stock worth $147,576,208 in the last three months. 0.79% of the stock is owned by insiders.

Institutional Investors Weigh In On Redwire

A number of institutional investors have recently modified their holdings of the business. Bank of America Corp DE raised its stake in Redwire by 7,512.5% during the first quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock worth $57,970,000 after acquiring an additional 6,730,414 shares during the period. State Street Corp boosted its stake in Redwire by 61.1% in 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 grew 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 purchasing an additional 1,192,885 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Redwire during the 4th quarter worth approximately $7,676,000. Finally, Van ECK Associates Corp raised its position in shares of Redwire by 231.0% during the 4th quarter. Van ECK Associates Corp now owns 1,436,535 shares of the company’s stock worth $10,918,000 after purchasing an additional 1,002,504 shares during the period. Institutional investors own 8.10% of the company’s stock.

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.