Redwire (NYSE:RDW) Shares Down 3.5% – Here’s What Happened

Redwire Corporation (NYSE:RDW)’s stock price was down 3.5% during trading on Wednesday. The company traded as low as $9.90 and last traded at $10.2520. 14,000,448 shares were traded during trading, a decline of 46% from the average session volume of 26,077,229 shares. The stock had previously closed at $10.62.

Wall Street Analysts Forecast Growth

RDW has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Redwire in a report on Friday, July 17th. Alliance Global Partners reaffirmed a “buy” rating on shares of Redwire in a research note on Thursday, August 6th. Cantor Fitzgerald lifted their price objective on Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Jefferies Financial Group set a $15.00 target price on shares of Redwire in a research note on Sunday, August 9th. Finally, Canaccord Genuity Group upped their target price on shares of Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Redwire has an average rating of “Hold” and a consensus price target of $14.69.

Redwire Price Performance

The company has a 50 day moving average of $11.20 and a 200 day moving average of $11.81. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -7.02 and a beta of 3.12. The company has a quick ratio of 3.48, a current ratio of 3.92 and a debt-to-equity ratio of 0.03.

Redwire (NYSE:RDW) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $117.07 million for the quarter, compared to analyst estimates of $107.10 million. As a group, equities research analysts forecast that Redwire Corporation will post -0.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other Redwire news, Director Ae Red Holdings, Llc sold 929,435 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $11.34, for a total transaction of $10,539,792.90. Following the transaction, the director owned 147,984 shares of the company’s stock, valued at $1,678,138.56. This trade represents a 86.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.79% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Parallel Advisors LLC acquired a new position in Redwire in the first quarter valued at $28,000. KBC Group NV acquired a new stake in Redwire during the first quarter worth about $29,000. IFP Advisors Inc raised its holdings in shares of Redwire by 3,662.5% in the 2nd 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. Rockefeller Capital Management L.P. raised its holdings in shares of Redwire by 1,054.0% in the 4th 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. Finally, Ameritas Advisory Services LLC acquired a new position in shares of Redwire in the 2nd quarter valued at about $57,000. 8.10% of the stock is owned by hedge funds and other institutional investors.

Redwire Company Profile

Redwire Corporation is a space infrastructure and defense technology company that develops products and services for government and commercial customers. Its work supports space exploration, national security, civil space programs and the growing commercial space economy.

The company’s offerings include spacecraft platforms, avionics, sensors, deployable structures, solar arrays, in-space manufacturing systems, robotic technologies and components designed for satellite and space station applications.