Redwire (NYSE:RDW) Stock Price Down 6% – Here’s What Happened

Redwire Corporation (NYSE:RDW) traded down 6% during mid-day trading on Monday . The company traded as low as $9.40 and last traded at $9.5740. 17,243,478 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 31,280,246 shares. The stock had previously closed at $10.18.

Analyst Ratings Changes

Several equities research analysts recently weighed in on RDW shares. Alliance Global Partners reaffirmed a “buy” rating on shares of Redwire in a report on Wednesday, April 22nd. Canaccord Genuity Group increased their price target on Redwire from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Jefferies Financial Group raised Redwire to a “hold” rating in a research report on Wednesday, June 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a research report on Tuesday, April 21st. Finally, Truist Financial upgraded Redwire to a “strong-buy” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Redwire has an average rating of “Moderate Buy” and an average target price of $15.44.

Redwire Trading Down 6.0%

The firm has a market cap of $2.29 billion, a P/E ratio of -3.57 and a beta of 3.01. The company’s 50 day moving average is $14.44 and its two-hundred day moving average is $11.31. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.75 and a quick ratio of 1.37.

Redwire (NYSE:RDW) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.24). Redwire had a negative net margin of 80.90% and a negative return on equity of 11.68%. The firm had revenue of $96.97 million during the quarter, compared to analyst estimates of $105.94 million. During the same period last year, the company earned ($0.09) EPS. The company’s revenue was up 57.9% on a year-over-year basis. On average, sell-side analysts predict that Redwire Corporation will post -0.81 earnings per share for the current year.

Insider Buying and Selling

In other Redwire news, Director Ae Red Holdings, Llc sold 3,145,207 shares of Redwire stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $10.57, for a total transaction of $33,244,837.99. Following the sale, the director owned 26,273,144 shares in the company, valued at $277,707,132.08. The trade was a 10.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 10,889,878 shares of company stock valued at $125,207,817 over the last three months. 0.79% of the stock is owned by company insiders.

Hedge Funds Weigh In On Redwire

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE lifted its holdings 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 acquiring an additional 6,730,414 shares during the period. State Street Corp increased its holdings in shares of Redwire by 61.1% during the fourth quarter. State Street Corp now owns 4,708,600 shares of the company’s stock worth $35,785,000 after buying an additional 1,786,038 shares in the last quarter. Vanguard Group Inc. raised its position in Redwire by 2.9% in the 3rd quarter. Vanguard Group Inc. now owns 3,242,848 shares of the company’s stock valued at $29,153,000 after purchasing an additional 91,045 shares during the last quarter. UBS Group AG raised its stake in shares of Redwire by 140.8% in the fourth quarter. UBS Group AG now owns 2,039,902 shares of the company’s stock worth $15,503,000 after acquiring an additional 1,192,885 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Redwire by 46.9% during the 4th quarter. Geode Capital Management LLC now owns 1,764,643 shares of the company’s stock worth $13,413,000 after buying an additional 563,259 shares in the last quarter. 8.10% of the stock is owned by institutional investors and hedge funds.

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.