Redwire (NYSE:RDW) Stock Price Up 2.3% – What’s Next?

Redwire Corporation (NYSE:RDW) was up 2.3% during trading on Tuesday . The stock traded as high as $10.94 and last traded at $10.7360. 10,275,375 shares were traded during mid-day trading, a decline of 62% from the average session volume of 27,106,670 shares. The stock had previously closed at $10.49.

Analyst Ratings Changes

Several research firms recently issued reports on RDW. Cantor Fitzgerald raised their price target on Redwire from $9.00 to $13.50 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Guggenheim began coverage on shares of Redwire in a research note on Monday. They issued a “neutral” rating on the stock. Wall Street Zen upgraded shares of Redwire from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Bank of America boosted their price target on shares of Redwire from $7.00 to $8.00 and gave the stock an “underperform” rating in a research note on Monday, August 31st. Finally, Jefferies Financial Group set a $15.00 price objective on shares of Redwire in a report on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Redwire currently has an average rating of “Hold” and a consensus target price of $14.69.

Redwire Trading Up 2.3%

The business has a 50 day simple moving average of $10.66 and a 200-day simple moving average of $11.61. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of -7.35 and a beta of 3.08. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.92 and a quick ratio of 3.48.

Redwire (NYSE:RDW) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS 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 company had revenue of $117.07 million for the quarter, compared to analyst estimates of $107.10 million. As a group, equities analysts expect that Redwire Corporation will post -0.7 earnings per share for the current year.

Institutional Trading of Redwire

Several hedge funds have recently bought and sold shares of RDW. BlackRock Inc. bought a new position in Redwire in the second quarter valued at approximately $196,514,000. Bank of America Corp DE increased its position 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 worth $57,970,000 after acquiring an additional 6,730,414 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Redwire by 173.0% during the second quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company’s stock worth $83,791,000 after acquiring an additional 4,341,424 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Redwire during the second quarter worth $16,583,000. Finally, Alyeska Investment Group L.P. acquired a new position in Redwire in the 2nd quarter worth $11,186,000. 8.10% of the stock is currently owned by institutional investors and hedge funds.

About Redwire

Redwire Corporation is a space infrastructure and technology company that develops products and services for government, commercial and international space customers. Its capabilities support the design, manufacture and operation of spacecraft, space systems and related infrastructure across missions in low Earth orbit and beyond.

The company’s offerings include digital engineering and mission-support services, spacecraft platforms, avionics, sensors, power systems, deployable structures and solar arrays.