Redwire (NYSE:RDW) Shares Up 6.1% – Here’s What Happened

Redwire Corporation (NYSE:RDW) shares shot up 6.1% during mid-day trading on Wednesday . The company traded as high as $15.12 and last traded at $14.7650. 52,037,177 shares changed hands during trading, an increase of 94% from the average session volume of 26,802,816 shares. The stock had previously closed at $13.91.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RDW. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a research report on Tuesday, April 21st. Zacks Research upgraded Redwire from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 11th. Alliance Global Partners reiterated a “buy” rating on shares of Redwire in a research report on Wednesday, April 22nd. Roth Mkm restated a “buy” rating and issued a $20.00 target price on shares of Redwire in a research report on Wednesday, January 28th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $13.00 target price on shares of Redwire in a research report on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $14.22.

Redwire Stock Up 6.1%

The stock has a 50-day moving average of $10.03 and a two-hundred day moving average of $8.90. The company has a market cap of $2.83 billion, a P/E ratio of -5.51 and a beta of 2.41. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.75.

Redwire (NYSE:RDW) last released its earnings results on Wednesday, May 6th. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.24). The firm had revenue of $96.97 million during the quarter, compared to the consensus estimate of $105.94 million. Redwire had a negative return on equity of 11.68% and a negative net margin of 80.90%.The business’s quarterly revenue was up 57.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) EPS. On average, research analysts anticipate that Redwire Corporation will post -0.67 EPS for the current fiscal year.

Insider Buying and Selling

In other Redwire news, Director Ae Red Holdings, Llc sold 7,500,000 shares of Redwire stock in a transaction that occurred on Tuesday, March 24th. The stock was sold at an average price of $9.15, for a total value of $68,625,000.00. Following the transaction, the director directly owned 36,135,217 shares of the company’s stock, valued at $330,637,235.55. The trade was a 17.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 23,327,795 shares of company stock valued at $228,806,188. 0.79% of the stock is owned by insiders.

Hedge Funds Weigh In On Redwire

Large investors have recently bought and sold shares of the stock. Parallel Advisors LLC purchased a new position in Redwire in the 1st quarter worth approximately $28,000. KBC Group NV purchased a new position in Redwire in the 1st quarter worth approximately $29,000. Sunbelt Securities Inc. increased its stake in Redwire by 601.1% in the 4th quarter. Sunbelt Securities Inc. now owns 3,961 shares of the company’s stock worth $30,000 after purchasing an additional 3,396 shares during the period. Rockefeller Capital Management L.P. increased its stake in Redwire by 1,054.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,016 shares of the company’s stock worth $31,000 after purchasing an additional 3,668 shares during the period. Finally, CWM LLC increased its stake in Redwire by 1,725.0% in the 4th quarter. CWM LLC now owns 4,088 shares of the company’s stock worth $31,000 after purchasing an additional 3,864 shares during the period. 8.10% of the stock is owned by hedge funds and other institutional investors.

Redwire Company Profile

Redwire Corporation is a space infrastructure company specializing in the design, engineering and manufacturing of mission-critical hardware and software for the spaceflight industry. The company’s offerings include deployable structures, solar power systems, radio frequency antennas, advanced composites and transparent optics. Redwire serves a broad customer base that spans civil space agencies, national defense organizations and commercial satellite operators, helping enable missions ranging from communications and Earth observation to deep-space exploration.

Formed through the strategic combination of several specialized space technology firms, Redwire’s portfolio encompasses both flight-proven hardware and cutting-edge in-space manufacturing capabilities.