Redwire (NYSE:RDW) Price Target Cut to $8.00 by Analysts at Truist Financial

Redwire (NYSE:RDW) had its price objective dropped by equities researchers at Truist Financial from $11.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 22.23% from the company’s current price.

Other analysts have also issued reports about the stock. Cantor Fitzgerald cut their price target on shares of Redwire from $28.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday. Wall Street Zen downgraded shares of Redwire from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 9th. HC Wainwright reaffirmed a “buy” rating and set a $22.00 price target (down previously from $26.00) on shares of Redwire in a research report on Friday, August 8th. Alliance Global Partners reiterated a “buy” rating on shares of Redwire in a research note on Thursday. Finally, Bank of America dropped their price objective on shares of Redwire from $10.00 to $9.00 and set an “underperform” rating on the stock in a research note on Friday, October 10th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.83.

Redwire Price Performance

RDW traded up $0.57 on Friday, hitting $6.55. 6,530,003 shares of the company’s stock were exchanged, compared to its average volume of 3,915,726. Redwire has a fifty-two week low of $5.72 and a fifty-two week high of $26.66. The stock has a market cap of $942.74 million, a price-to-earnings ratio of -2.06 and a beta of 2.45. The company has a current ratio of 1.46, a quick ratio of 1.11 and a debt-to-equity ratio of 0.21. The firm has a 50-day moving average price of $8.59 and a 200-day moving average price of $11.98.

Redwire (NYSE:RDW) last released its earnings results on Wednesday, August 6th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.28). The business had revenue of $61.76 million during the quarter, compared to analysts’ expectations of $80.48 million. Redwire had a negative return on equity of 29.56% and a negative net margin of 70.32%. As a group, equities analysts anticipate that Redwire will post -0.85 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Bain Capital Credit Member, Ll sold 11,000,000 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $7.83, for a total value of $86,130,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Redwire

Large investors have recently added to or reduced their stakes in the stock. Abich Financial Wealth Management LLC acquired a new position in Redwire during the 3rd quarter worth approximately $41,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Redwire during the first quarter valued at approximately $42,000. Ameritas Advisory Services LLC acquired a new position in shares of Redwire during the second quarter worth $54,000. New York State Common Retirement Fund lifted its position in shares of Redwire by 656.7% during the first quarter. New York State Common Retirement Fund now owns 8,066 shares of the company’s stock worth $67,000 after purchasing an additional 7,000 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Redwire by 1,172.5% in the first quarter. SBI Securities Co. Ltd. now owns 8,106 shares of the company’s stock valued at $67,000 after purchasing an additional 7,469 shares during the period. 8.10% of the stock is currently owned by institutional investors and hedge funds.

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.