Redwire (NYSE:RDW) Given New $14.00 Price Target at B. Riley Financial

Redwire (NYSE:RDW) had its price objective lowered by B. Riley Financial from $15.00 to $14.00 in a research note published on Friday morning,Benzinga reports. B. Riley Financial currently has a buy rating on the stock.

A number of other analysts have also weighed in on the stock. Cantor Fitzgerald upped their target price on shares of Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Piper Sandler reduced their target price on shares of Redwire from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday. Guggenheim started coverage on shares of Redwire in a research note on Monday, September 14th. They issued a “neutral” rating for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a report on Thursday, October 15th. Finally, Jefferies Financial Group set a $15.00 price objective on shares of Redwire in a research report on Sunday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Redwire has an average rating of “Hold” and a consensus price target of $14.28.

Redwire Stock Up 16.4%

NYSE:RDW traded up $1.01 during midday trading on Friday, reaching $7.21. The company had a trading volume of 14,857,688 shares, compared to its average volume of 11,593,530. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -5.72 and a beta of 3.15. The stock’s fifty day simple moving average is $9.80 and its 200-day simple moving average is $11.01. Redwire has a 12-month low of $4.87 and a 12-month high of $26.64. The company has a current ratio of 3.92, a quick ratio of 3.48 and a debt-to-equity ratio of 0.03.

Redwire (NYSE:RDW) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The company had revenue of $109.03 million for the quarter, compared to the consensus estimate of $126.75 million. Redwire had a negative return on equity of 11.02% and a negative net margin of 57.26%. On average, sell-side analysts anticipate that Redwire will post -0.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ae Red Holdings, Llc sold 929,435 shares of the business’s stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $11.34, for a total transaction of $10,539,792.90. Following the completion of the sale, the director owned 147,984 shares in the company, valued at approximately $1,678,138.56. The trade was a 86.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.79% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RDW. Moors & Cabot Inc. boosted its stake in Redwire by 108.1% in the third quarter. Moors & Cabot Inc. now owns 181,918 shares of the company’s stock valued at $1,899,000 after acquiring an additional 94,511 shares in the last quarter. Allworth Financial LP increased its position in shares of Redwire by 136.2% during the third quarter. Allworth Financial LP now owns 17,341 shares of the company’s stock worth $181,000 after purchasing an additional 10,000 shares in the last quarter. Fulcrum Asset Management LLP acquired a new stake in shares of Redwire during the third quarter worth about $151,000. StoneX Group Inc. acquired a new stake in shares of Redwire during the third quarter worth about $137,000. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Redwire by 30.4% in the 3rd quarter. Pictet Asset Management Holding SA now owns 32,317 shares of the company’s stock valued at $337,000 after purchasing an additional 7,543 shares during the last quarter. 8.10% of the stock is owned by hedge funds and other institutional investors.

Key Redwire News

Here are the key news stories impacting Redwire this week:

• Positive Sentiment: Redwire reported record backlog of $619.7 million, up nearly 75% year over year, and a book-to-bill ratio of 1.73. Gross margins also reached a record, supporting the view that demand remains solid. Redwire Q3 results
• Positive Sentiment: The company won a $20 million contract for additional Otter very-low-Earth-orbit testing and experimentation, adding to its program work. Otter contract announcement
• Neutral Sentiment: Analyst actions were mixed: B. Riley lowered its price target to $14 but kept a Buy rating, while Piper Sandler cut its target to $8 and maintained Neutral. B. Riley rating Piper Sandler rating
• Negative Sentiment: Quarterly revenue of about $109 million fell short of analysts’ roughly $127 million estimate. Although the adjusted loss per share was narrower than expected, management cited shipment delays that are affecting revenue timing and the outlook. Q3 earnings-call highlights

About Redwire

Redwire Corporation (NYSE: RDW) is a space infrastructure and defense technology company that develops products and services for government and commercial customers. Its capabilities support spacecraft, space stations, national security missions, and other applications across the space economy.

The company’s offerings include deployable solar arrays, spacecraft platforms, avionics, sensors, communications systems, digital engineering and mission-support services. Redwire also develops robotic systems, in-space manufacturing technologies, payloads, and other solutions designed to enable spacecraft operations and the production of materials in orbit.

Redwire was formed in 2020 through the combination of several space technology businesses backed by AE Industrial Partners and became a publicly traded company in 2021.