Redwire (NYSE:RDW) Price Target Cut to $8.00 by Analysts at Piper Sandler

Redwire (NYSE:RDW) had its target price trimmed by Piper Sandler from $11.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

Other research analysts also recently issued reports about the stock. Cantor Fitzgerald boosted their target price on shares of Redwire from $9.00 to $13.50 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Guggenheim began coverage on shares of Redwire in a report on Monday, September 14th. They issued a “neutral” rating on the stock. Canaccord Genuity Group cut their price target on Redwire from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a research note on Thursday, October 15th. Finally, Bank of America lifted their price objective on Redwire from $7.00 to $8.00 and gave the company an “underperform” rating in a research note on Monday, August 31st. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.28.

Redwire Stock Performance

NYSE:RDW traded up $1.01 during midday trading on Friday, hitting $7.21. The company’s stock had a trading volume of 14,857,688 shares, compared to its average volume of 11,593,530. Redwire has a fifty-two week low of $4.87 and a fifty-two week high of $26.64. The firm’s 50 day moving average is $9.80 and its 200-day moving average is $11.01. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.92 and a quick ratio of 3.48. The firm has a market cap of $1.80 billion, a P/E ratio of -5.72 and a beta of 3.15.

Redwire (NYSE:RDW) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $109.03 million during the quarter, compared to analysts’ expectations of $126.75 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. Equities analysts anticipate that Redwire will post -0.73 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Ae Red Holdings, Llc sold 929,435 shares of Redwire stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $11.34, for a total value of $10,539,792.90. Following the sale, the director owned 147,984 shares of the company’s stock, valued at approximately $1,678,138.56. This trade represents a 86.26% 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. 0.79% of the stock is owned by company insiders.

Institutional Investors Weigh In On Redwire

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parvin Asset Management LLC lifted its holdings in Redwire by 6.9% during the first quarter. Parvin Asset Management LLC now owns 17,825 shares of the company’s stock valued at $152,000 after purchasing an additional 1,150 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Redwire by 70.4% during the third quarter. GAMMA Investing LLC now owns 3,213 shares of the company’s stock worth $34,000 after purchasing an additional 1,327 shares in the last quarter. Signaturefd LLC increased its stake in shares of Redwire by 211.8% during the third quarter. Signaturefd LLC now owns 3,077 shares of the company’s stock worth $32,000 after purchasing an additional 2,090 shares in the last quarter. Inspire Investing LLC increased its stake in shares of Redwire by 4.5% during the third quarter. Inspire Investing LLC now owns 58,943 shares of the company’s stock worth $615,000 after purchasing an additional 2,536 shares in the last quarter. Finally, Parallel Advisors LLC acquired a new position in shares of Redwire during the 1st quarter worth about $28,000. Hedge funds and other institutional investors own 8.10% of the company’s stock.

More Redwire News

Here are the key news stories impacting Redwire this week:

• Positive Sentiment: Redwire reported record backlog of $619.7 million, up nearly 75% year over year, and a book-to-bill ratio of 1.73. Gross margins also reached a record, supporting the view that demand remains solid. Redwire Q3 results
• Positive Sentiment: The company won a $20 million contract for additional Otter very-low-Earth-orbit testing and experimentation, adding to its program work. Otter contract announcement
• Neutral Sentiment: Analyst actions were mixed: B. Riley lowered its price target to $14 but kept a Buy rating, while Piper Sandler cut its target to $8 and maintained Neutral. B. Riley rating Piper Sandler rating
• Negative Sentiment: Quarterly revenue of about $109 million fell short of analysts’ roughly $127 million estimate. Although the adjusted loss per share was narrower than expected, management cited shipment delays that are affecting revenue timing and the outlook. Q3 earnings-call highlights

Redwire Company Profile

Redwire Corporation (NYSE: RDW) is a space infrastructure and defense technology company that develops products and services for government and commercial customers. Its capabilities support spacecraft, space stations, national security missions, and other applications across the space economy.

The company’s offerings include deployable solar arrays, spacecraft platforms, avionics, sensors, communications systems, digital engineering and mission-support services. Redwire also develops robotic systems, in-space manufacturing technologies, payloads, and other solutions designed to enable spacecraft operations and the production of materials in orbit.

Redwire was formed in 2020 through the combination of several space technology businesses backed by AE Industrial Partners and became a publicly traded company in 2021.