Redwire (NYSE:RDW) Stock Jumps 3.3% – Still a Buy?

Shares of Redwire Corporation (NYSE:RDW) were up 3.3% during mid-day trading on Thursday. The company traded as high as $8.97 and last traded at $8.9050. Approximately 15,944,860 shares were traded during mid-day trading, a decline of 38% from the average session volume of 25,635,414 shares. The stock had previously closed at $8.62.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Wall Street Zen raised Redwire from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a report on Friday, July 17th. Bank of America boosted their price objective on Redwire from $7.00 to $8.00 and gave the stock an “underperform” rating in a research report on Monday, August 31st. Jefferies Financial Group set a $15.00 price objective on Redwire in a research note on Sunday, August 9th. Finally, Piper Sandler initiated coverage on Redwire in a research report on Thursday. They set a “neutral” rating and a $11.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Redwire has a consensus rating of “Hold” and an average price target of $14.28.

Redwire Trading Up 3.3%

The firm has a market cap of $2.23 billion, a P/E ratio of -6.10 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. The firm’s 50-day simple moving average is $11.22 and its 200 day simple moving average is $11.82.

Redwire (NYSE:RDW) last released its earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $117.07 million for the quarter, compared to analysts’ expectations of $107.10 million. As a group, analysts expect that Redwire Corporation will post -0.70 earnings per share for the current year.

Insider Activity at Redwire

In other news, Director Ae Red Holdings, Llc sold 929,435 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $11.34, for a total transaction of $10,539,792.90. Following the completion of the transaction, the director owned 147,984 shares in the company, valued at approximately $1,678,138.56. This 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 this hyperlink. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Redwire

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDW. BlackRock Inc. bought a new stake in shares of Redwire in the second quarter valued at approximately $196,514,000. Bank of America Corp DE lifted its stake in shares of Redwire by 7,512.5% during the 1st quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock valued at $57,970,000 after buying an additional 6,730,414 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Redwire by 173.0% in the 2nd 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. 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. bought a new position in Redwire in the 2nd quarter worth approximately $11,186,000. 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.