Redwire (NYSE:RDW) Stock Price Down 4.5% – Here’s Why

by · The Markets Daily

Redwire Corporation (NYSE:RDW – Get Free Report) dropped 4.5% on Wednesday. The stock traded as low as $11.10 and last traded at $11.2360. 12,555,332 shares were traded during trading, a decline of 53% from the average session volume of 26,726,738 shares. The stock had previously closed at $11.76.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RDW. Jefferies Financial Group set a $15.00 target price on Redwire in a report on Sunday, August 9th. Wall Street Zen upgraded Redwire from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Canaccord Genuity Group upped their price objective on Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a report on Friday, July 17th. Finally, Guggenheim started coverage on shares of Redwire in a report on Monday, September 14th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $14.69.

Check Out Our Latest Research Report on RDW

Redwire Stock Performance

The stock has a 50 day moving average of $10.89 and a 200 day moving average of $11.74. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -7.92 and a beta of 3.08. The company has a quick ratio of 3.48, a current ratio of 3.92 and a debt-to-equity ratio of 0.03.

Redwire (NYSE:RDW – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $117.07 million during the quarter, compared to the consensus estimate of $107.10 million. As a group, analysts predict that Redwire Corporation will post -0.7 EPS for the current year.

Institutional Investors Weigh In On Redwire

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Redwire in the second quarter worth $196,514,000. Bank of America Corp DE raised its holdings in shares of Redwire by 7,512.5% during the first quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock valued at $57,970,000 after purchasing an additional 6,730,414 shares during the period. Van ECK Associates Corp boosted its position in shares of Redwire by 173.0% during the 2nd quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company’s stock worth $83,791,000 after purchasing an additional 4,341,424 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Redwire in the 2nd quarter valued at about $16,583,000. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Redwire in the 2nd quarter valued at about $11,186,000. Institutional investors own 8.10% of the company’s stock.

About Redwire

(Get Free Report)

Redwire Corporation is a space infrastructure and technology company that develops products and services for government, commercial and international space customers. Its capabilities support the design, manufacture and operation of spacecraft, space systems and related infrastructure across missions in low Earth orbit and beyond.

The company’s offerings include digital engineering and mission-support services, spacecraft platforms, avionics, sensors, power systems, deployable structures and solar arrays.

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