Redwire (NYSE:RDW) Trading 8.9% Higher – Here’s Why

Redwire Corporation (NYSE:RDW)’s share price rose 8.9% on Friday . The stock traded as high as $6.42 and last traded at $6.5150. Approximately 4,190,582 shares traded hands during trading, an increase of 7% from the average daily volume of 3,903,648 shares. The stock had previously closed at $5.98.

Wall Street Analyst Weigh In

RDW has been the topic of several recent research reports. Truist Financial dropped their target price on shares of Redwire from $11.00 to $8.00 and set a “hold” rating on the stock in a report on Friday. Wall Street Zen lowered shares of Redwire from a “hold” rating to a “strong sell” rating in a report on Saturday, August 9th. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research note on Thursday. Roth Capital reaffirmed a “buy” rating and set a $15.00 price objective on shares of Redwire in a research report on Thursday. Finally, Bank of America decreased their price target on shares of Redwire from $10.00 to $9.00 and set an “underperform” rating for the company in a research report on Friday, October 10th. Seven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.83.

Redwire Price Performance

The firm has a market cap of $939.86 million, a PE ratio of -2.06 and a beta of 2.45. The company has a quick ratio of 1.11, a current ratio of 1.46 and a debt-to-equity ratio of 0.21. The stock has a 50 day moving average price of $8.59 and a two-hundred day moving average price of $11.98.

Redwire (NYSE:RDW) last released its earnings results on Wednesday, August 6th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.28). Redwire had a negative return on equity of 29.56% and a negative net margin of 70.32%.The company had revenue of $61.76 million during the quarter, compared to analyst estimates of $80.48 million. As a group, equities analysts expect that Redwire Corporation will post -0.85 earnings per share for the current year.

Insider Buying and Selling at Redwire

In other news, major shareholder Bain Capital Credit Member, Ll sold 11,000,000 shares of the business’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $7.83, for a total transaction of $86,130,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.60% of the stock is owned by company insiders.

Institutional Trading of Redwire

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Abich Financial Wealth Management LLC purchased a new position in shares of Redwire in the third quarter worth about $41,000. KLP Kapitalforvaltning AS acquired a new position in Redwire in the 1st quarter worth approximately $42,000. Ameritas Advisory Services LLC purchased a new position in Redwire during the 2nd quarter worth approximately $54,000. SBI Securities Co. Ltd. lifted its stake in Redwire by 1,172.5% during the 1st quarter. SBI Securities Co. Ltd. now owns 8,106 shares of the company’s stock valued at $67,000 after acquiring an additional 7,469 shares during the period. Finally, New York State Common Retirement Fund boosted its holdings in shares of Redwire by 656.7% in the 1st quarter. New York State Common Retirement Fund now owns 8,066 shares of the company’s stock valued at $67,000 after acquiring an additional 7,000 shares during the last quarter. Institutional investors and hedge funds own 8.10% of the company’s stock.

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.