Redwire (NYSE:RDW) Trading Up 7% – Here’s Why

Redwire Corporation (NYSE:RDW) traded up 7% during mid-day trading on Thursday . The company traded as high as $11.73 and last traded at $11.5410. Approximately 12,922,580 shares traded hands during trading, a decline of 52% from the average daily volume of 26,917,563 shares. The stock had previously closed at $10.79.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RDW shares. Bank of America boosted their price objective on Redwire from $7.00 to $8.00 and gave the company an “underperform” rating in a report on Monday, August 31st. Jefferies Financial Group set a $15.00 price objective on Redwire in a research report on Sunday, August 9th. Cantor Fitzgerald raised their price objective on shares of Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Wall Street Zen raised shares of Redwire from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Canaccord Genuity Group boosted their target price on shares of Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Redwire has an average rating of “Hold” and an average target price of $14.69.

Redwire Trading Down 7.0%

The company has a fifty day moving average of $10.71 and a 200-day moving average of $11.65. The company has a current ratio of 3.92, a quick ratio of 3.48 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of -7.36 and a beta of 3.08.

Redwire (NYSE:RDW) last posted its quarterly 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 return on equity of 11.02% and a negative net margin of 57.26%.The business had revenue of $117.07 million during the quarter, compared to analyst estimates of $107.10 million. As a group, equities research analysts anticipate that Redwire Corporation will post -0.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Redwire

Institutional investors and hedge funds have recently modified their holdings of the company. Bouchey Financial Group Ltd. acquired a new position in Redwire in the 2nd quarter valued at about $141,000. Tidal Investments LLC acquired a new position in shares of Redwire in the second quarter valued at approximately $7,717,000. Integrated Wealth Concepts LLC purchased a new stake in Redwire during the 2nd quarter worth approximately $635,000. IFP Advisors Inc lifted its holdings in Redwire by 3,662.5% during the 2nd quarter. IFP Advisors Inc now owns 3,612 shares of the company’s stock worth $44,000 after buying an additional 3,516 shares in the last quarter. Finally, Allworth Financial LP boosted its position in Redwire by 160.5% in the 2nd quarter. Allworth Financial LP now owns 7,341 shares of the company’s stock valued at $90,000 after buying an additional 4,523 shares during the period. Hedge funds and other institutional investors own 8.10% of the company’s stock.

Redwire Company Profile

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.