Redwire (NYSE:RDW) Trading Down 9% – What’s Next?

Shares of Redwire Corporation (NYSE:RDW) traded down 9% on Wednesday . The stock traded as low as $7.76 and last traded at $7.7950. Approximately 15,441,967 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 29,946,049 shares. The stock had previously closed at $8.57.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RDW. Alliance Global Partners reiterated a “buy” rating on shares of Redwire in a report on Wednesday, April 22nd. Canaccord Genuity Group increased their price objective on Redwire from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Jefferies Financial Group raised shares of Redwire to a “hold” rating in a research report on Wednesday, June 10th. Truist Financial upgraded shares of Redwire to a “strong-buy” rating in a research note on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Redwire from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $15.44.

Redwire Price Performance

The company’s 50-day simple moving average is $13.55 and its 200 day simple moving average is $11.33. The company has a quick ratio of 1.37, a current ratio of 1.75 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -3.19 and a beta of 3.01.

Redwire (NYSE:RDW) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.24). The company had revenue of $96.97 million for 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 business’s revenue was up 57.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.09) EPS. Equities research analysts forecast that Redwire Corporation will post -0.81 EPS for the current year.

Insiders Place Their Bets

In other Redwire news, Director Ae Red Holdings, Llc sold 1,070,565 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was 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 of the company’s stock, valued at $23,142,960.12. This represents a 49.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Redwire

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC bought a new stake in shares of Redwire during the 1st quarter worth $28,000. KBC Group NV bought a new position in Redwire in the 1st quarter worth $29,000. Sunbelt Securities Inc. raised its holdings in Redwire by 601.1% in the 4th quarter. Sunbelt Securities Inc. now owns 3,961 shares of the company’s stock worth $30,000 after acquiring an additional 3,396 shares during the period. Rockefeller Capital Management L.P. lifted its position in Redwire by 1,054.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,016 shares of the company’s stock worth $31,000 after acquiring an additional 3,668 shares during the last quarter. Finally, CWM LLC lifted its position in Redwire by 1,725.0% during the 4th quarter. CWM LLC now owns 4,088 shares of the company’s stock worth $31,000 after acquiring an additional 3,864 shares during the last quarter. Institutional investors and hedge funds 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.