Redwire (NYSE:RDW) Shares Down 4.5% – Here’s What Happened

Redwire Corporation (NYSE:RDW) shares were down 4.5% during trading on Tuesday. The stock traded as low as $10.65 and last traded at $10.6950. Approximately 13,646,826 shares changed hands during trading, a decline of 48% from the average session volume of 26,438,711 shares. The stock had previously closed at $11.20.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on RDW shares. Wall Street Zen upgraded shares of Redwire from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Cantor Fitzgerald boosted their price target on shares of Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Alliance Global Partners reissued a “buy” rating on shares of Redwire in a research report on Thursday, August 6th. Bank of America raised their price objective on shares of Redwire from $7.00 to $8.00 and gave the company an “underperform” rating in a report on Monday, August 31st. Finally, Guggenheim started coverage on shares of Redwire in a research note on Monday, September 14th. They set a “neutral” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.69.

Redwire Price Performance

The stock’s 50-day moving average is $11.06 and its 200 day moving average is $11.78. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.48 and a current ratio of 3.92. The stock has a market capitalization of $2.66 billion, a PE ratio of -7.28 and a beta of 3.08.

Redwire (NYSE:RDW) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate 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.

Insider Buying and Selling at Redwire

In other news, Director Ae Red Holdings, Llc sold 929,435 shares of Redwire stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $11.34, for a total value of $10,539,792.90. Following the transaction, the director directly owned 147,984 shares of the company’s stock, valued at $1,678,138.56. The trade was a 86.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Redwire

Several hedge funds have recently made changes to their positions in RDW. BlackRock Inc. purchased a new stake in Redwire during the 2nd quarter valued at approximately $196,514,000. Van ECK Associates Corp grew its stake in shares of Redwire by 173.0% in the 2nd quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company’s stock valued at $83,791,000 after purchasing an additional 4,341,424 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Redwire by 7,512.5% in the first quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock valued at $57,970,000 after purchasing an additional 6,730,414 shares during the period. 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 valued at $11,186,000. Institutional investors and hedge funds own 8.10% of the company’s stock.

About Redwire

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.