Redwire (NYSE:RDW) Stock Price Down 5.1% – What’s Next?
by Teresa Graham · The Cerbat GemRedwire Corporation (NYSE:RDW – Get Free Report) dropped 5.1% during mid-day trading on Tuesday . The company traded as low as $9.52 and last traded at $9.4810. Approximately 16,576,787 shares changed hands during trading, a decline of 29% from the average daily volume of 23,504,352 shares. The stock had previously closed at $9.99.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on the company. Jefferies Financial Group dropped their price target on Redwire from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, March 6th. Roth Mkm reaffirmed a “buy” rating and set a $20.00 price target on shares of Redwire in a research note on Wednesday, January 28th. Truist Financial raised Redwire from a “hold” rating to a “buy” rating and lifted their price target for the stock from $13.00 to $15.00 in a research note on Monday, March 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Redwire in a research note on Thursday, January 22nd. Finally, KeyCorp assumed coverage on Redwire in a research note on Thursday, December 18th. They set a “sector weight” rating for the company. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Redwire presently has an average rating of “Moderate Buy” and an average price target of $13.89.
Read Our Latest Stock Analysis on Redwire
Redwire Price Performance
The company has a debt-to-equity ratio of 0.08, a current ratio of 1.62 and a quick ratio of 1.27. The firm has a market capitalization of $1.85 billion, a P/E ratio of -4.06 and a beta of 2.49. The firm’s 50 day simple moving average is $9.14 and its two-hundred day simple moving average is $8.59.
Redwire (NYSE:RDW – Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.19). The business had revenue of $108.79 million during the quarter, compared to the consensus estimate of $98.78 million. Redwire had a negative return on equity of 13.04% and a negative net margin of 67.55%. As a group, analysts predict that Redwire Corporation will post -0.85 earnings per share for the current year.
Insider Activity at Redwire
In other news, Director Ae Red Holdings, Llc sold 12,656,683 shares of the company’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $10.51, for a total transaction of $133,021,738.33. Following the completion of the transaction, the director directly owned 61,541,253 shares of the company’s stock, valued at approximately $646,798,569.03. This represents a 17.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 41,241,007 shares of company stock worth $447,601,969 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.
Hedge Funds Weigh In On Redwire
Several hedge funds and other institutional investors have recently modified their holdings of RDW. AQR Capital Management LLC raised its stake in shares of Redwire by 125.0% during the first quarter. AQR Capital Management LLC now owns 51,437 shares of the company’s stock valued at $426,000 after acquiring an additional 28,576 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Redwire by 352.8% during the first quarter. Goldman Sachs Group Inc. now owns 355,265 shares of the company’s stock valued at $2,945,000 after acquiring an additional 276,814 shares during the last quarter. Strs Ohio bought a new position in shares of Redwire during the first quarter valued at about $69,000. Rhumbline Advisers raised its stake in shares of Redwire by 61.0% during the second quarter. Rhumbline Advisers now owns 56,517 shares of the company’s stock valued at $921,000 after acquiring an additional 21,417 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Redwire by 57.6% during the second quarter. Invesco Ltd. now owns 21,198 shares of the company’s stock valued at $346,000 after acquiring an additional 7,750 shares during the last quarter. 8.10% of the stock is owned by institutional investors.
Redwire Company 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.