Redwire (NYSE:RDW) Price Target Cut to $11.00 by Analysts at Canaccord Genuity Group

Redwire (NYSE:RDW) had its target price reduced by Canaccord Genuity Group from $17.50 to $11.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald lowered their price target on shares of Redwire from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Bank of America cut their price target on Redwire from $10.00 to $9.00 and set an “underperform” rating on the stock in a research note on Friday, October 10th. HC Wainwright reiterated a “buy” rating and issued a $22.00 price objective (down previously from $26.00) on shares of Redwire in a report on Friday, August 8th. Wall Street Zen downgraded shares of Redwire from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 9th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a research report on Wednesday, October 8th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Redwire has an average rating of “Hold” and an average target price of $14.25.

Redwire Trading Down 2.5%

Shares of Redwire stock opened at $5.98 on Wednesday. The firm’s 50 day moving average is $8.38 and its 200 day moving average is $11.88. The firm has a market capitalization of $860.64 million, a PE ratio of -1.88 and a beta of 2.45. Redwire has a 1 year low of $5.72 and a 1 year high of $26.66. The company has a current ratio of 1.41, a quick ratio of 1.11 and a debt-to-equity ratio of 0.20.

Insider Buying and Selling

In other news, CEO Peter Anthony Cannito, Jr. bought 32,155 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average cost of $6.21 per share, for a total transaction of $199,682.55. Following the acquisition, the chief executive officer directly owned 526,728 shares in the company, valued at approximately $3,270,980.88. This trade represents a 6.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Bain Capital Credit Member, Ll sold 11,000,000 shares of Redwire 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 disclosure for this sale is available in the SEC filing. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Abich Financial Wealth Management LLC acquired a new position in shares of Redwire during the third quarter valued at about $41,000. KLP Kapitalforvaltning AS acquired a new position in Redwire during the 1st quarter valued at about $42,000. Ameritas Advisory Services LLC bought a new stake in Redwire during the 2nd quarter worth approximately $54,000. New York State Common Retirement Fund raised its stake in shares of Redwire by 656.7% in the first quarter. New York State Common Retirement Fund now owns 8,066 shares of the company’s stock worth $67,000 after purchasing an additional 7,000 shares during the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Redwire by 1,172.5% in the first 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 in the last quarter. 8.10% of the stock is owned by institutional investors.

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.