Redwire (NYSE:RDW) Stock Jumps 2.1% – Here’s What Happened

Redwire Corporation (NYSE:RDW)’s stock price shot up 2.1% on Tuesday. The company traded as high as $11.15 and last traded at $10.6460. Approximately 18,673,699 shares were traded during mid-day trading, a decline of 29% from the average session volume of 26,148,205 shares. The stock had previously closed at $10.43.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RDW. Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a report on Friday, July 17th. Jefferies Financial Group set a $15.00 price objective on Redwire in a research report on Sunday, August 9th. Cantor Fitzgerald lifted their price objective on Redwire from $9.00 to $13.50 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Bank of America increased their target price on Redwire from $7.00 to $8.00 and gave the stock an “underperform” rating in a research note on Monday, August 31st. Finally, Guggenheim assumed coverage on Redwire in a report on Monday, September 14th. They set a “neutral” rating for the company. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Redwire presently has a consensus rating of “Hold” and a consensus price target of $14.69.

Redwire Stock Performance

The company has a market capitalization of $2.44 billion, a PE ratio of -6.67 and a beta of 3.12. The business’s fifty day moving average is $11.25 and its two-hundred day moving average is $11.81. The company has a current ratio of 3.92, a quick ratio of 3.48 and a debt-to-equity ratio of 0.03.

Redwire (NYSE:RDW) last issued its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $107.10 million. Equities research analysts predict that Redwire Corporation will post -0.7 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Ae Red Holdings, Llc sold 929,435 shares of Redwire stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $11.34, for a total value of $10,539,792.90. Following the completion of the sale, the director directly owned 147,984 shares in the company, valued at approximately $1,678,138.56. This trade represents a 86.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.79% of the company’s stock.

Institutional Trading of Redwire

A number of institutional investors have recently made changes to their positions in RDW. Deutsche Bank AG bought a new position in shares of Redwire in the 2nd quarter worth approximately $2,529,000. Tidal Investments LLC bought a new stake in Redwire during the second quarter valued at approximately $7,717,000. Van ECK Associates Corp increased its holdings in Redwire by 173.0% during the second quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company’s stock valued at $83,791,000 after buying an additional 4,341,424 shares during the last quarter. Bank of America Corp DE bought a new position in Redwire in the second quarter worth approximately $13,124,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Redwire during the 2nd quarter worth $6,770,000. Hedge funds and other institutional investors own 8.10% of the company’s stock.

About Redwire

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.