Canaccord Genuity Group Has Lowered Expectations for Redwire (NYSE:RDW) Stock Price

Redwire (NYSE:RDW) had its price target decreased by investment analysts at Canaccord Genuity Group from $17.50 to $11.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 78.72% from the company’s current price.

Other analysts have also recently issued reports about the company. Cantor Fitzgerald reduced their price target on Redwire from $28.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Bank of America cut their price objective on Redwire from $10.00 to $9.00 and set an “underperform” rating for the company in a research report on Friday, October 10th. Truist Financial decreased their target price on shares of Redwire from $11.00 to $8.00 and set a “hold” rating on the stock in a research report on Friday, November 7th. B. Riley cut their price target on shares of Redwire from $25.00 to $20.00 and set a “buy” rating for the company in a report on Friday, August 8th. Finally, Wall Street Zen downgraded shares of Redwire from a “hold” rating to a “strong sell” rating in a report on Saturday, August 9th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $14.25.

Redwire Trading Down 0.2%

Shares of Redwire stock opened at $6.16 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.41 and a debt-to-equity ratio of 0.20. The firm has a market cap of $886.57 million, a price-to-earnings ratio of -1.94 and a beta of 2.45. Redwire has a 52-week low of $5.72 and a 52-week high of $26.66. The company’s 50-day simple moving average is $8.43 and its 200-day simple moving average is $11.92.

Insider Buying and Selling

In other news, major shareholder Bain Capital Credit Member, Ll sold 11,000,000 shares of the company’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $7.83, for a total value of $86,130,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Peter Anthony Cannito, Jr. acquired 32,155 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The shares were bought at an average price of $6.21 per share, with a total value of $199,682.55. Following the transaction, the chief executive officer owned 526,728 shares in the company, valued at $3,270,980.88. This represents a 6.50% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Redwire

Hedge funds have recently modified their holdings of the company. New York State Common Retirement Fund grew its holdings in shares of Redwire by 656.7% during the first quarter. New York State Common Retirement Fund now owns 8,066 shares of the company’s stock worth $67,000 after buying an additional 7,000 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in Redwire by 1,172.5% in the 1st quarter. SBI Securities Co. Ltd. now owns 8,106 shares of the company’s stock worth $67,000 after acquiring an additional 7,469 shares during the period. PFG Advisors purchased a new stake in Redwire in the 1st quarter worth approximately $144,000. KLP Kapitalforvaltning AS acquired a new position in Redwire in the 1st quarter valued at $42,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Redwire during the 1st quarter worth $82,000. 8.10% of the stock is owned by institutional investors and hedge funds.

About Redwire

Redwire Corporation provides critical space solutions and space infrastructure for government and commercial customers in the United States, Europe, and internationally. The company provides avionics and sensors including star trackers, sun sensors, critical for navigation, and control of spacecraft; camera systems; solar array solutions for spacecraft spanning the spectrum of size, power needs, and orbital location; and strain composite booms, coilable booms, truss structures, telescope baffles, and deployable booms to position sensors or solar arrays away from the spacecraft.