Redwire (NYSE:RDW) Given New $6.00 Price Target at Bank of America

Redwire (NYSE:RDW) had its target price cut by equities researchers at Bank of America from $9.00 to $6.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s target price would indicate a potential upside of 9.79% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on RDW. B. Riley decreased their price target on shares of Redwire from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a research report on Wednesday, October 8th. Industrial Alliance Securities set a $9.00 price target on Redwire in a research report on Thursday, November 6th. Zacks Research upgraded Redwire from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Finally, Canaccord Genuity Group dropped their target price on Redwire from $17.50 to $11.00 and set a “buy” rating for the company in a report on Wednesday, November 12th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $13.88.

Redwire Price Performance

Shares of RDW traded up $0.04 during mid-day trading on Wednesday, hitting $5.47. 6,998,608 shares of the stock were exchanged, compared to its average volume of 3,979,323. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.05 and a current ratio of 1.41. The company has a market cap of $902.55 million, a PE ratio of -1.72 and a beta of 2.46. Redwire has a 52-week low of $5.15 and a 52-week high of $26.66. The firm has a 50-day moving average of $8.16 and a two-hundred day moving average of $11.72.

Insider Transactions at Redwire

In other news, CEO Peter Anthony Cannito, Jr. purchased 32,155 shares of the business’s stock in a transaction dated Monday, November 10th. The shares were purchased at an average price of $6.21 per share, for a total transaction of $199,682.55. Following the completion of the purchase, the chief executive officer owned 526,728 shares in the company, valued at approximately $3,270,980.88. This represents a 6.50% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Bain Capital Credit Member, Ll sold 11,000,000 shares of the company’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $7.83, for a total transaction of $86,130,000.00. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have bought 56,065 shares of company stock worth $330,047. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Redwire

Hedge funds and other institutional investors have recently modified their holdings of the business. Gabelli Funds LLC grew its position in shares of Redwire by 7.4% in the 1st quarter. Gabelli Funds LLC now owns 18,871 shares of the company’s stock worth $156,000 after buying an additional 1,300 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Redwire by 32.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,279 shares of the company’s stock valued at $102,000 after acquiring an additional 1,533 shares during the last quarter. Vontobel Holding Ltd. boosted its stake in Redwire by 10.4% in the second quarter. Vontobel Holding Ltd. now owns 18,507 shares of the company’s stock valued at $302,000 after acquiring an additional 1,751 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Redwire by 24.0% in the third quarter. Jones Financial Companies Lllp now owns 12,617 shares of the company’s stock worth $111,000 after purchasing an additional 2,442 shares during the last quarter. Finally, Huntleigh Advisors Inc. increased its position in shares of Redwire by 4.2% during the third quarter. Huntleigh Advisors Inc. now owns 61,837 shares of the company’s stock worth $556,000 after purchasing an additional 2,488 shares in the last quarter. 8.10% of the stock is currently owned by institutional investors.

Redwire Company Profile

Redwire Corporation provides critical space solutions and space infrastructure for government and commercial customers in the United States, Europe, and internationally. The company provides avionics and sensors including star trackers, sun sensors, critical for navigation, and control of spacecraft; camera systems; solar array solutions for spacecraft spanning the spectrum of size, power needs, and orbital location; and strain composite booms, coilable booms, truss structures, telescope baffles, and deployable booms to position sensors or solar arrays away from the spacecraft.