Redwire (NYSE:RDW) Stock Falls 4.6% – Here’s Why

Redwire Corporation (NYSE:RDW)’s share price dropped 4.6% during trading on Thursday. The stock traded as low as $9.56 and last traded at $9.7640. Approximately 11,030,543 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 26,007,797 shares. The stock had previously closed at $10.24.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on RDW shares. Cantor Fitzgerald increased their target price on Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Canaccord Genuity Group upped their price objective on Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, August 10th. Alliance Global Partners reiterated a “buy” rating on shares of Redwire in a research report on Thursday, August 6th. Guggenheim began coverage on Redwire in a report on Monday, September 14th. They set a “neutral” rating for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.69.

Redwire Stock Performance

The stock has a fifty day simple moving average of $11.30 and a two-hundred day simple moving average of $11.80. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.48 and a current ratio of 3.92. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of -6.56 and a beta of 3.12.

Redwire (NYSE:RDW) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.07. The business had revenue of $117.07 million during the quarter, compared to analysts’ expectations of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. Analysts expect that Redwire Corporation will post -0.70 EPS for the current fiscal year.

Insider Buying and Selling

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 stock was sold at an average price of $11.34, for a total transaction of $10,539,792.90. Following the transaction, the director directly 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 filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Redwire

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Redwire by 70.4% during the 3rd quarter. GAMMA Investing LLC now owns 3,213 shares of the company’s stock worth $34,000 after buying an additional 1,327 shares in the last quarter. Bouchey Financial Group Ltd. bought a new position in shares of Redwire in the second quarter valued at approximately $141,000. Tidal Investments LLC bought a new position in shares of Redwire in the second quarter valued at approximately $7,717,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Redwire during the second quarter valued at approximately $635,000. Finally, IFP Advisors Inc increased its position in shares of Redwire by 3,662.5% during the second quarter. IFP Advisors Inc now owns 3,612 shares of the company’s stock valued at $44,000 after acquiring an additional 3,516 shares during the last quarter. Institutional investors own 8.10% of the company’s stock.

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.