Redwire (NYSE:RDW) Shares Down 1.2% – Here’s What Happened

Redwire Corporation (NYSE:RDW)’s share price traded down 1.2% on Monday . The stock traded as low as $10.21 and last traded at $10.4950. Approximately 9,605,120 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 27,202,598 shares. The stock had previously closed at $10.62.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Redwire from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Cantor Fitzgerald lifted their price target on Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Jefferies Financial Group set a $15.00 price target on Redwire in a research note on Sunday, August 9th. Guggenheim began coverage on Redwire in a report on Monday. They issued a “neutral” rating on the stock. Finally, Canaccord Genuity Group increased their price objective on Redwire from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $14.69.

Redwire Stock Up 2.3%

The stock’s fifty day simple moving average is $10.67 and its 200-day simple moving average is $11.63. The stock has a market cap of $2.68 billion, a P/E ratio of -7.35 and a beta of 3.08. 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 announced its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.07. The company had revenue of $117.07 million for the quarter, compared to analysts’ expectations of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. As a group, research analysts forecast that Redwire Corporation will post -0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Redwire

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC acquired a new stake in shares of Redwire during the 1st quarter worth $28,000. KBC Group NV acquired a new position in Redwire in the first quarter valued at about $29,000. Rockefeller Capital Management L.P. lifted its position in Redwire by 1,054.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,016 shares of the company’s stock worth $31,000 after purchasing an additional 3,668 shares during the period. IFP Advisors Inc lifted its position in Redwire by 3,662.5% during the second quarter. IFP Advisors Inc now owns 3,612 shares of the company’s stock worth $44,000 after purchasing an additional 3,516 shares during the period. Finally, Ameritas Advisory Services LLC acquired a new stake in Redwire during the second quarter worth about $57,000. 8.10% of the stock is owned by institutional investors and hedge funds.

About Redwire

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.