Redwire (NYSE:RDW) Trading 8% Higher – Time to Buy?

Redwire Corporation (NYSE:RDW) shares traded up 8% during mid-day trading on Monday . The company traded as high as $11.70 and last traded at $11.60. Approximately 13,912,238 shares traded hands during mid-day trading, a decline of 48% from the average session volume of 26,872,275 shares. The stock had previously closed at $10.74.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RDW. Jefferies Financial Group set a $15.00 price target on shares of Redwire in a report on Sunday, August 9th. Bank of America boosted their target price on shares of Redwire from $7.00 to $8.00 and gave the stock an “underperform” rating in a research report on Monday, August 31st. Alliance Global Partners reaffirmed a “buy” rating on shares of Redwire in a research report on Thursday, August 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a research note on Friday, July 17th. Finally, Cantor Fitzgerald boosted their price objective on Redwire from $9.00 to $13.50 and gave the company an “overweight” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Redwire currently has a consensus rating of “Hold” and an average target price of $14.69.

Redwire Price Performance

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 company has a 50-day simple moving average of $10.71 and a two-hundred day simple moving average of $11.66. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -7.95 and a beta of 3.08.

Redwire (NYSE:RDW) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.07. The company had revenue of $117.07 million during the quarter, compared to the consensus estimate of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. On average, equities research analysts predict that Redwire Corporation will post -0.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Redwire in the second quarter valued at approximately $196,514,000. Van ECK Associates Corp boosted its position in shares of Redwire by 173.0% during the second quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company’s stock worth $83,791,000 after buying an additional 4,341,424 shares during the period. Bank of America Corp DE grew its holdings in Redwire by 7,512.5% in the 1st quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock worth $57,970,000 after buying an additional 6,730,414 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Redwire in the 2nd quarter worth approximately $16,583,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Redwire in the 2nd quarter valued at approximately $11,186,000. 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.