Truist Financial Cuts Redwire (NYSE:RDW) Price Target to $8.00

Redwire (NYSE:RDW) had its price target lowered by analysts at Truist Financial from $11.00 to $8.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target suggests a potential upside of 22.23% from the company’s current price.

A number of other research analysts have also issued reports on the company. Wall Street Zen lowered Redwire from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 9th. HC Wainwright restated a “buy” rating and set a $22.00 price target (down previously from $26.00) on shares of Redwire in a research report on Friday, August 8th. Cantor Fitzgerald cut their price objective on shares of Redwire from $28.00 to $20.00 and set an “overweight” rating on the stock in a research report on Wednesday. Bank of America dropped their price target on shares of Redwire from $10.00 to $9.00 and set an “underperform” rating on the stock in a research note on Friday, October 10th. Finally, B. Riley reduced their price objective on Redwire from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $14.83.

Redwire Stock Up 9.4%

Shares of Redwire stock traded up $0.57 during trading on Friday, reaching $6.55. The company had a trading volume of 6,530,003 shares, compared to its average volume of 3,915,726. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.11 and a current ratio of 1.46. Redwire has a fifty-two week low of $5.72 and a fifty-two week high of $26.66. The firm’s fifty day moving average is $8.59 and its 200-day moving average is $11.98. The company has a market cap of $942.74 million, a price-to-earnings ratio of -2.06 and a beta of 2.45.

Redwire (NYSE:RDW) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.28). Redwire had a negative net margin of 70.32% and a negative return on equity of 29.56%. The firm had revenue of $61.76 million during the quarter, compared to the consensus estimate of $80.48 million. On average, analysts anticipate that Redwire will post -0.85 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Redwire

A number of institutional investors and hedge funds have recently modified their holdings of RDW. Abich Financial Wealth Management LLC bought a new stake in shares of Redwire during the 3rd quarter worth $41,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Redwire during the first quarter worth $42,000. Ameritas Advisory Services LLC purchased a new stake in shares of Redwire during the second quarter valued at $54,000. New York State Common Retirement Fund boosted its position 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 purchasing an additional 7,000 shares during the period. Finally, SBI Securities Co. Ltd. boosted its position in shares of Redwire by 1,172.5% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,106 shares of the company’s stock valued at $67,000 after purchasing an additional 7,469 shares during the period. Institutional investors and hedge funds own 8.10% of the company’s stock.

About Redwire

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.