Redwire (NYSE:RDW) Sees Strong Trading Volume – Here’s Why

Redwire Corporation (NYSE:RDW) shares saw unusually-strong trading volume on Monday . Approximately 2,892,924 shares changed hands during mid-day trading, a decline of 28% from the previous session’s volume of 4,021,375 shares.The stock last traded at $6.7270 and had previously closed at $6.39.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on RDW shares. Industrial Alliance Securities set a $9.00 price objective on Redwire in a research note on Thursday, November 6th. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a research report on Wednesday, October 8th. Canaccord Genuity Group cut their price objective on Redwire from $17.50 to $11.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Finally, Bank of America lowered their target price on Redwire from $9.00 to $6.00 and set an “underperform” rating on the stock in a report on Wednesday, November 19th. Six analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $13.88.

Redwire Price Performance

The company has a market cap of $1.11 billion, a P/E ratio of -2.11 and a beta of 2.48. The company has a fifty day simple moving average of $7.35 and a 200-day simple moving average of $11.16. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.41 and a quick ratio of 1.05.

Insider Buying and Selling

In related news, CAO Chris Edmunds purchased 5,500 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was acquired at an average price of $5.46 per share, for a total transaction of $30,030.00. Following the transaction, the chief accounting officer directly owned 107,441 shares of the company’s stock, valued at $586,627.86. This trade represents a 5.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Peter Anthony Cannito, Jr. purchased 32,155 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was bought at an average cost of $6.21 per share, for a total transaction of $199,682.55. Following the purchase, the chief executive officer directly owned 526,728 shares in the company, valued at $3,270,980.88. This represents a 6.50% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 56,065 shares of company stock valued at $330,047. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Redwire in the 1st quarter worth approximately $82,000. Atria Wealth Solutions Inc. acquired a new stake in Redwire during the 1st quarter worth about $452,000. Deutsche Bank AG grew its stake in Redwire by 40.0% during the 1st quarter. Deutsche Bank AG now owns 14,072 shares of the company’s stock valued at $117,000 after acquiring an additional 4,017 shares in the last quarter. Swiss National Bank acquired a new position in shares of Redwire in the 1st quarter valued at about $428,000. Finally, Wolverine Asset Management LLC increased its holdings in shares of Redwire by 192.7% in the 1st quarter. Wolverine Asset Management LLC now owns 45,508 shares of the company’s stock valued at $377,000 after purchasing an additional 29,962 shares during the period. 8.10% of the stock is currently owned by institutional investors and hedge funds.

Redwire Company Profile

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.