Redwire (NYSE:RDW) Trading Up 4% – Here’s What Happened

Shares of Redwire Corporation (NYSE:RDW) rose 4% during mid-day trading on Wednesday . The stock traded as high as $10.97 and last traded at $10.6230. Approximately 14,168,773 shares traded hands during trading, a decline of 55% from the average session volume of 31,710,980 shares. The stock had previously closed at $10.21.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RDW. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Redwire in a research report on Tuesday, April 21st. Zacks Research upgraded Redwire from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 11th. Alliance Global Partners reissued a “buy” rating on shares of Redwire in a research note on Wednesday, April 22nd. Truist Financial upgraded Redwire to a “strong-buy” rating in a report on Friday, May 1st. Finally, Canaccord Genuity Group increased their price objective on Redwire from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $15.44.

Redwire Trading Up 4.0%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.75. The business’s 50-day moving average price is $14.36 and its 200 day moving average price is $11.26. The company has a market cap of $2.54 billion, a P/E ratio of -3.96 and a beta of 3.01.

Redwire (NYSE:RDW) last posted its quarterly 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 business had revenue of $96.97 million for the quarter, compared to the consensus estimate of $105.94 million. Redwire had a negative return on equity of 11.68% and a negative net margin of 80.90%.The company’s revenue for the quarter was up 57.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.09) EPS. As a group, analysts expect that Redwire Corporation will post -0.81 earnings per share for the current year.

Insider Buying and Selling at Redwire

In related news, Director Ae Red Holdings, Llc sold 3,145,207 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $10.57, for a total transaction of $33,244,837.99. Following the transaction, the director directly owned 26,273,144 shares of the company’s stock, valued at approximately $277,707,132.08. The trade was a 10.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders sold 12,803,657 shares of company stock worth $143,429,127. 0.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Redwire

Institutional investors and hedge funds have recently modified their holdings of the stock. Assenagon Asset Management S.A. bought a new position in shares of Redwire in the second quarter valued at about $1,730,000. Militia Capital Management LLC bought a new stake in shares of Redwire during the 1st quarter worth about $281,000. Parallel Advisors LLC acquired a new position in Redwire in the 1st quarter valued at about $28,000. Bank of America Corp DE raised its holdings in Redwire by 7,512.5% in the 1st quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock valued at $57,970,000 after acquiring an additional 6,730,414 shares during the period. Finally, Janus Henderson Group PLC lifted its position in Redwire by 157.5% during the first quarter. Janus Henderson Group PLC now owns 54,600 shares of the company’s stock worth $463,000 after acquiring an additional 33,400 shares during the last quarter. 8.10% of the stock is currently owned by institutional investors and hedge funds.

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.