Redwire (NYSE:RDW) Shares Up 3.2% – Time to Buy?

Shares of Redwire Corporation (NYSE:RDW) shot up 3.2% on Thursday . The company traded as high as $9.49 and last traded at $9.2740. Approximately 15,060,884 shares traded hands during trading, a decline of 50% from the average daily volume of 30,420,459 shares. The stock had previously closed at $8.99.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Redwire in a report on Wednesday, April 22nd. Wall Street Zen lowered shares of Redwire from a “hold” rating to a “sell” rating in a report on Saturday, July 4th. Truist Financial raised Redwire to a “strong-buy” rating in a research report on Friday, May 1st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a research note on Friday, July 17th. Finally, Canaccord Genuity Group lifted their target price on Redwire from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $15.44.

Redwire Stock Up 3.2%

The company’s 50 day simple moving average is $14.23 and its 200-day simple moving average is $11.39. The company has a current ratio of 1.75, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The firm has a market cap of $2.21 billion, a P/E ratio of -3.46 and a beta of 3.01.

Redwire (NYSE:RDW) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.24). Redwire had a negative return on equity of 11.68% and a negative net margin of 80.90%.The company had revenue of $96.97 million during the quarter, compared to the consensus estimate of $105.94 million. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. The business’s revenue was up 57.9% compared to the same quarter last year. Research analysts forecast that Redwire Corporation will post -0.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Redwire news, Director Ae Red Holdings, Llc sold 1,070,565 shares of Redwire stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $21.48, for a total value of $22,995,736.20. Following the completion of the sale, the director owned 1,077,419 shares of the company’s stock, valued at approximately $23,142,960.12. The trade was a 49.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Redwire

A number of institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Redwire by 2,556.0% in the third quarter. JPMorgan Chase & Co. now owns 577,271 shares of the company’s stock worth $5,190,000 after acquiring an additional 555,536 shares during the period. Capelight Capital Asset Management LP bought a new position in Redwire in the fourth quarter valued at about $1,330,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Redwire in the fourth quarter valued at about $7,676,000. Trivest Advisors Ltd purchased a new position in Redwire in the first quarter worth about $5,398,000. Finally, Harbor Capital Advisors Inc. purchased a new position in Redwire in the fourth quarter worth about $497,000. 8.10% of the stock is currently owned by hedge funds and other institutional investors.

About Redwire

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.