Redwire (NYSE:RDW) Shares Down 6.1% – Here’s What Happened

Shares of Redwire Corporation (NYSE:RDW) fell 6.1% on Friday . The company traded as low as $8.65 and last traded at $8.7110. Approximately 13,235,995 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 30,286,074 shares. The stock had previously closed at $9.28.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RDW shares. Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a report on Friday, July 17th. Wall Street Zen lowered shares of Redwire from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Truist Financial upgraded shares of Redwire to a “strong-buy” rating in a research note on Friday, May 1st. Jefferies Financial Group raised shares of Redwire to a “hold” rating in a research report on Wednesday, June 10th. Finally, Canaccord Genuity Group lifted their price target on shares of Redwire from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $15.44.

Redwire Price Performance

The company has a market cap of $2.08 billion, a PE ratio of -3.25 and a beta of 3.01. 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 firm has a 50 day simple moving average of $14.14 and a 200-day simple moving average of $11.40.

Redwire (NYSE:RDW) last posted its earnings results on Wednesday, May 6th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.24). The firm had revenue of $96.97 million for the quarter, compared to analysts’ expectations of $105.94 million. Redwire had a negative net margin of 80.90% and a negative return on equity of 11.68%. The company’s revenue was up 57.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.09) EPS. As a group, research analysts predict that Redwire Corporation will post -0.81 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 value of $22,995,736.20. Following the sale, the director owned 1,077,419 shares in the company, valued at $23,142,960.12. This represents a 49.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Redwire

A number of hedge funds and other institutional investors have recently made changes to their positions in RDW. Bank of America Corp DE raised its position in shares of Redwire by 7,512.5% in the first quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock worth $57,970,000 after acquiring an additional 6,730,414 shares during the period. State Street Corp raised its holdings in Redwire by 61.1% in the 4th quarter. State Street Corp now owns 4,708,600 shares of the company’s stock worth $35,785,000 after purchasing an additional 1,786,038 shares during the period. UBS Group AG boosted its position in Redwire by 140.8% during the fourth quarter. UBS Group AG now owns 2,039,902 shares of the company’s stock worth $15,503,000 after purchasing an additional 1,192,885 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Redwire in the fourth quarter valued at approximately $7,676,000. Finally, Van ECK Associates Corp increased its position in shares of Redwire by 231.0% in the fourth quarter. Van ECK Associates Corp now owns 1,436,535 shares of the company’s stock valued at $10,918,000 after buying an additional 1,002,504 shares in the last quarter. Institutional investors and hedge funds own 8.10% of the company’s stock.

About Redwire

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.