Redwire (NYSE:RDW) Given New $8.00 Price Target at Bank of America

Redwire (NYSE:RDW) had its target price boosted by equities researchers at Bank of America from $7.00 to $8.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s target price suggests a potential downside of 24.53% from the stock’s previous close.

RDW has been the subject of several other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Redwire in a research note on Friday, July 17th. Canaccord Genuity Group upped their target price on Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, August 10th. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Redwire from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Jefferies Financial Group set a $15.00 price objective on shares of Redwire in a research note on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Redwire has an average rating of “Hold” and a consensus target price of $14.69.

Redwire Price Performance

RDW stock traded down $0.27 during trading on Monday, reaching $10.60. 4,382,980 shares of the company were exchanged, compared to its average volume of 28,018,504. The company has a market cap of $2.65 billion, a P/E ratio of -7.26 and a beta of 3.05. Redwire has a 52-week low of $4.87 and a 52-week high of $26.64. The stock’s 50 day moving average price is $10.89 and its 200 day moving average price is $11.44. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.48 and a current ratio of 3.92.

Redwire (NYSE:RDW) last issued its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) 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 company had revenue of $117.07 million during the quarter, compared to analysts’ expectations of $107.10 million. As a group, analysts predict that Redwire will post -0.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ae Red Holdings, Llc sold 1,070,565 shares of the business’s stock in a transaction 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 completion of the transaction, the director directly owned 1,077,419 shares of the company’s stock, valued at $23,142,960.12. The trade was a 49.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.79% of the company’s stock.

Institutional Trading of Redwire

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parvin Asset Management LLC boosted its position in Redwire by 6.9% during the first quarter. Parvin Asset Management LLC now owns 17,825 shares of the company’s stock worth $152,000 after acquiring an additional 1,150 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Redwire by 32.3% in the second quarter. Tower Research Capital LLC TRC now owns 6,279 shares of the company’s stock valued at $102,000 after purchasing an additional 1,533 shares during the last quarter. BNP Paribas Financial Markets increased its stake in Redwire by 12.0% in the second quarter. BNP Paribas Financial Markets now owns 30,396 shares of the company’s stock valued at $495,000 after purchasing an additional 3,248 shares during the last quarter. Parallel Advisors LLC purchased a new position in Redwire during the first quarter worth about $28,000. Finally, KBC Group NV purchased a new position in Redwire during the first quarter worth about $29,000. Hedge funds and other institutional investors 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.