Redwire (NYSE:RDW) Trading Down 6.8% – Here’s What Happened

Shares of Redwire Corporation (NYSE:RDW) traded down 6.8% during mid-day trading on Wednesday . The stock traded as low as $6.80 and last traded at $6.7950. 3,421,052 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 4,102,002 shares. The stock had previously closed at $7.29.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RDW shares. Canaccord Genuity Group lowered their target price on Redwire from $17.50 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, November 12th. Cantor Fitzgerald decreased their price target on Redwire from $20.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday. Bank of America lowered their price objective on Redwire from $9.00 to $6.00 and set an “underperform” rating on the stock in a research report on Wednesday, November 19th. Roth Capital reaffirmed a “buy” rating and set a $15.00 price objective on shares of Redwire in a research note on Thursday, November 6th. Finally, Truist Financial decreased their target price on shares of Redwire from $11.00 to $8.00 and set a “hold” rating for the company in a research note on Friday, November 7th. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $12.50.

Redwire Stock Performance

The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -2.28 and a beta of 2.48. The firm’s 50-day moving average is $7.27 and its two-hundred day moving average is $11.08. The company has a current ratio of 1.41, a quick ratio of 1.05 and a debt-to-equity ratio of 0.20.

Insider Transactions at Redwire

In other news, major shareholder Bain Capital Credit Member, Ll sold 11,000,000 shares of the stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $7.83, for a total value of $86,130,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Aaron Michael Futch purchased 18,410 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was acquired at an average cost of $5.45 per share, for a total transaction of $100,334.50. Following the completion of the purchase, the executive vice president owned 88,704 shares of the company’s stock, valued at approximately $483,436.80. This represents a 26.19% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 56,065 shares of company stock valued at $330,047 in the last 90 days. 2.60% of the stock is owned by company insiders.

Institutional Trading of Redwire

A number of hedge funds have recently bought and sold shares of the business. AE Industrial Partners LP boosted its holdings in shares of Redwire by 7.1% during the 3rd quarter. AE Industrial Partners LP now owns 91,598,704 shares of the company’s stock worth $823,472,000 after purchasing an additional 6,101,959 shares during the last quarter. Vanguard Group Inc. boosted its stake in Redwire by 2.9% during the third quarter. Vanguard Group Inc. now owns 3,242,848 shares of the company’s stock worth $29,153,000 after buying an additional 91,045 shares during the last quarter. Voya Investment Management LLC acquired a new stake in shares of Redwire in the 3rd quarter worth $20,372,000. Hood River Capital Management LLC purchased a new position in shares of Redwire during the 2nd quarter worth $36,206,000. Finally, Cooper Creek Partners Management LLC purchased a new position in shares of Redwire during the 2nd quarter worth $32,652,000. Institutional investors and hedge funds own 8.10% of the company’s stock.

About Redwire

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.