Redwire (NYSE:RDW) Stock Falls 4.3% – Here’s Why

Redwire Corporation (NYSE:RDW)’s share price dropped 4.3% during mid-day trading on Monday. The company traded as low as $10.24 and last traded at $10.4110. Approximately 17,867,147 shares traded hands during trading, a decline of 32% from the average daily volume of 26,185,902 shares. The stock had previously closed at $10.88.

Wall Street Analysts Forecast Growth

RDW has been the topic of several recent analyst reports. Wall Street Zen raised shares of Redwire from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Bank of America increased their price target on shares of Redwire from $7.00 to $8.00 and gave the stock an “underperform” rating in a research report on Monday, August 31st. Cantor Fitzgerald lifted their price objective on shares of Redwire from $9.00 to $13.50 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a research report on Friday, July 17th. Finally, Jefferies Financial Group set a $15.00 target price on Redwire in a research note on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Redwire has an average rating of “Hold” and an average price target of $14.69.

Redwire Stock Up 2.1%

The company has a current ratio of 3.92, a quick ratio of 3.48 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $2.66 billion, a P/E ratio of -7.29 and a beta of 3.12. The stock has a 50 day moving average price of $11.20 and a 200 day moving average price of $11.81.

Redwire (NYSE:RDW) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.07. Redwire had a negative return on equity of 11.02% and a negative net margin of 57.26%.The business had revenue of $117.07 million for the quarter, compared to analyst estimates of $107.10 million. On average, research analysts anticipate that Redwire Corporation will post -0.7 earnings per share for the current fiscal year.

Insider Activity at Redwire

In other news, Director Ae Red Holdings, Llc sold 929,435 shares of the business’s stock in a transaction dated 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 sale, the director directly owned 147,984 shares in the company, valued at approximately $1,678,138.56. The trade was a 86.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Parvin Asset Management LLC boosted its stake in shares of Redwire by 6.9% in the 1st quarter. Parvin Asset Management LLC now owns 17,825 shares of the company’s stock valued at $152,000 after purchasing an additional 1,150 shares during the last quarter. Parallel Advisors LLC bought a new position in Redwire during the first quarter worth $28,000. KBC Group NV bought a new position in Redwire during the first quarter worth $29,000. IFP Advisors Inc lifted its holdings in Redwire by 3,662.5% in the second quarter. IFP Advisors Inc now owns 3,612 shares of the company’s stock valued at $44,000 after buying an additional 3,516 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its holdings in Redwire by 1,054.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 4,016 shares of the company’s stock valued at $31,000 after buying an additional 3,668 shares during the period. 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.