Bank of America Cuts Redwire (NYSE:RDW) Price Target to $6.00

Redwire (NYSE:RDW) had its price target reduced by Bank of America from $9.00 to $6.00 in a research report report published on Wednesday,Benzinga reports. They currently have an underperform rating on the stock.

Several other analysts have also recently issued reports on RDW. Truist Financial cut their price objective on Redwire from $11.00 to $8.00 and set a “hold” rating on the stock in a research note on Friday, November 7th. HC Wainwright reissued a “buy” rating and issued a $22.00 price target (down previously from $26.00) on shares of Redwire in a research note on Friday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Redwire in a research report on Wednesday, October 8th. Roth Capital reiterated a “buy” rating and issued a $15.00 price objective on shares of Redwire in a research note on Thursday, November 6th. Finally, Canaccord Genuity Group lowered their target price on shares of Redwire from $17.50 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.88.

Redwire Trading Up 4.9%

RDW opened at $5.31 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.05 and a current ratio of 1.41. Redwire has a one year low of $4.87 and a one year high of $26.66. The company has a market cap of $876.95 million, a P/E ratio of -1.68 and a beta of 2.45. The business’s 50-day simple moving average is $7.97 and its 200-day simple moving average is $11.59.

Insider Transactions at Redwire

In other Redwire news, CEO Peter Anthony Cannito, Jr. purchased 32,155 shares of the firm’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average cost of $6.21 per share, for a total transaction of $199,682.55. Following the completion of the purchase, the chief executive officer owned 526,728 shares of the company’s stock, valued at approximately $3,270,980.88. The trade was a 6.50% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Aaron Michael Futch purchased 18,410 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was acquired at an average price of $5.45 per share, with a total value of $100,334.50. Following the completion of the transaction, the executive vice president owned 88,704 shares of the company’s stock, valued at $483,436.80. This represents a 26.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have acquired 56,065 shares of company stock valued at $330,047. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Redwire

A number of institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. boosted its stake in Redwire by 352.8% in the first quarter. Goldman Sachs Group Inc. now owns 355,265 shares of the company’s stock worth $2,945,000 after buying an additional 276,814 shares in the last quarter. Wolverine Asset Management LLC boosted its holdings in shares of Redwire by 192.7% during the 1st quarter. Wolverine Asset Management LLC now owns 45,508 shares of the company’s stock valued at $377,000 after buying an additional 29,962 shares in the last quarter. Canal Insurance CO purchased a new position in Redwire during the second quarter valued at $3,260,000. Jump Financial LLC bought a new position in Redwire in the 1st quarter worth about $425,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Redwire in the 2nd quarter worth $3,640,000. 8.10% of the stock is currently owned by institutional investors and hedge funds.

Redwire Company Profile

Redwire Corporation provides critical space solutions and space infrastructure for government and commercial customers in the United States, Europe, and internationally. The company provides avionics and sensors including star trackers, sun sensors, critical for navigation, and control of spacecraft; camera systems; solar array solutions for spacecraft spanning the spectrum of size, power needs, and orbital location; and strain composite booms, coilable booms, truss structures, telescope baffles, and deployable booms to position sensors or solar arrays away from the spacecraft.