Redwire (NYSE:RDW) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Redwire (NYSE:RDW) from a hold rating to a sell rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group set a $15.00 target price on Redwire in a research report on Sunday, August 9th. Piper Sandler reduced their price target on Redwire from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Friday. Cantor Fitzgerald upped their price target on Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Redwire in a research note on Thursday, October 15th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Redwire in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.28.

Redwire Stock Up 12.7%

Shares of RDW stock opened at $8.12 on Friday. The company has a quick ratio of 3.48, a current ratio of 3.92 and a debt-to-equity ratio of 0.03. Redwire has a 12 month low of $4.87 and a 12 month high of $26.64. The company has a 50 day simple moving average of $9.74 and a two-hundred day simple moving average of $10.99.

Redwire (NYSE:RDW) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The business had revenue of $109.03 million for the quarter, compared to analysts’ expectations of $126.75 million. Redwire had a negative net margin of 52.36% and a negative return on equity of 9.84%. On average, analysts expect that Redwire will post -0.70 EPS for the current fiscal year.

Insider Transactions at Redwire

In other Redwire 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 value of $10,539,792.90. Following the completion of the sale, 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.79% of the company’s stock.

Institutional Trading of Redwire

Several institutional investors have recently made changes to their positions in RDW. BlackRock Inc. purchased a new position in Redwire in the 2nd quarter worth approximately $196,514,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Redwire during the 3rd quarter valued at approximately $126,591,000. Bank of America Corp DE raised its position in shares of Redwire by 7,512.5% during the first 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 during the last quarter. Van ECK Associates Corp raised 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 valued at $83,791,000 after buying an additional 4,341,424 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Redwire during the second quarter valued at approximately $16,583,000. Hedge funds and other institutional investors own 8.10% of the company’s stock.

Redwire Company Profile

Redwire Corporation is an aerospace and defense technology company that develops products and services for space missions and national security programs. Its offerings include spacecraft components, deployable solar arrays and antennas, sensors, avionics, and systems used for navigation and communications.

The company also provides engineering, spacecraft manufacturing, and in-space research and manufacturing capabilities. Its technologies support government and commercial customers, including satellite operators and space agencies.

Redwire was formed in 2020 through the combination of several space technology businesses and became publicly traded in 2021.