Van ECK Associates Corp Acquires 4,341,424 Shares of Redwire Corporation $RDW

Van ECK Associates Corp boosted its holdings in Redwire Corporation (NYSE:RDW) by 173.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 6,851,228 shares of the company’s stock after acquiring an additional 4,341,424 shares during the period. Van ECK Associates Corp’s holdings in Redwire were worth $83,791,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Hsbc Holdings PLC boosted its holdings in shares of Redwire by 28.5% during the 2nd quarter. Hsbc Holdings PLC now owns 28,679 shares of the company’s stock valued at $350,000 after acquiring an additional 6,354 shares during the last quarter. Kingsview Wealth Management LLC purchased a new position in shares of Redwire during the second quarter valued at approximately $521,000. Empowered Funds LLC bought a new position in Redwire during the second quarter valued at approximately $3,826,000. Coastal Bridge Advisors LLC bought a new position in Redwire during the second quarter valued at approximately $149,000. Finally, Parvin Asset Management LLC purchased a new stake in Redwire in the second quarter worth approximately $221,000. Institutional investors own 8.10% of the company’s stock.

Redwire Stock Down 3.1%

RDW stock opened at $10.92 on Friday. Redwire Corporation has a twelve month low of $4.87 and a twelve month high of $26.64. The company has a quick ratio of 3.48, a current ratio of 3.92 and a debt-to-equity ratio of 0.03. The stock has a market cap of $2.73 billion, a P/E ratio of -7.48 and a beta of 3.05. The business’s 50-day moving average price is $10.89 and its 200-day moving average price is $11.43.

Redwire (NYSE:RDW) last released its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.07. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. The company had revenue of $117.07 million during the quarter, compared to analyst estimates of $107.10 million. On average, equities research analysts forecast that Redwire Corporation will post -0.68 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Redwire in a research note on Thursday, August 6th. Jefferies Financial Group set a $15.00 price objective on Redwire in a research report on Sunday, August 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Redwire in a research report on Friday, July 17th. Wall Street Zen raised shares of Redwire from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Canaccord Genuity Group raised their price objective on shares of Redwire from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.44.

Insider Activity

In other news, Director Ae Red Holdings, Llc sold 1,070,565 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $21.48, for a total value of $22,995,736.20. Following the completion of the sale, the director directly 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 SEC, which is available at this hyperlink. 0.79% of the stock is currently owned by company insiders.

Redwire 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.