Shares of Redwire Corporation (NYSE:RDW – Get Free Report) traded up 7% during trading on Thursday . The company traded as high as $11.73 and last traded at $11.5410. Approximately 12,922,580 shares were traded during trading, a decline of 52% from the average session volume of 26,917,563 shares. The stock had previously closed at $10.79.
Wall Street Analysts Forecast Growth
Several research analysts have 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 report on Wednesday, August 5th. Wall Street Zen upgraded shares of Redwire from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Redwire in a research note on Friday, July 17th. Jefferies Financial Group set a $15.00 price target on Redwire in a report on Sunday, August 9th. Finally, Canaccord Genuity Group raised their price objective on Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $14.69.
Redwire Stock Up 7.0%
Redwire (NYSE:RDW – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.07. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. The firm had revenue of $117.07 million for the quarter, compared to analysts’ expectations of $107.10 million. As a group, research analysts forecast that Redwire Corporation will post -0.7 earnings per share for the current fiscal year.
Institutional Trading of Redwire
Several large investors have recently modified their holdings of RDW. BlackRock Inc. purchased a new position in shares of Redwire during the 2nd quarter worth approximately $196,514,000. Van ECK Associates Corp lifted its stake in 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 buying an additional 4,341,424 shares in the last quarter. Bank of America Corp DE lifted its stake in Redwire by 7,512.5% in the 1st quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock valued at $57,970,000 after buying an additional 6,730,414 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Redwire during the 2nd quarter valued at $16,583,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Redwire during the 2nd quarter valued at $11,186,000. 8.10% of the stock is currently owned by institutional investors and hedge funds.
Redwire Company Profile
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.
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