Shares of Redwire Corporation (NYSE:RDW – Get Free Report) shot up 9% on Thursday . The stock traded as high as $8.52 and last traded at $8.4770. Approximately 16,960,610 shares traded hands during trading, a decline of 43% from the average session volume of 29,858,275 shares. The stock had previously closed at $7.78.
Analysts Set New Price Targets
A number of research firms have commented on RDW. Wall Street Zen cut Redwire from a “hold” rating to a “sell” rating in a research note on Saturday, July 4th. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research note on Wednesday, April 22nd. Truist Financial upgraded shares of Redwire to a “strong-buy” rating in a report on Friday, May 1st. Canaccord Genuity Group increased their price objective on shares of Redwire from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Redwire in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.44.
Check Out Our Latest Stock Analysis on RDW
Redwire Stock Performance
Redwire (NYSE:RDW – Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.24). The firm had revenue of $96.97 million during the quarter, compared to analysts’ expectations of $105.94 million. Redwire had a negative return on equity of 11.68% and a negative net margin of 80.90%.The business’s revenue was up 57.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.09) EPS. As a group, sell-side analysts predict that Redwire Corporation will post -0.81 earnings per share for the current year.
Insider Activity
In related news, Director Ae Red Holdings, Llc sold 1,070,565 shares of Redwire stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $21.48, for a total transaction of $22,995,736.20. Following the completion of the sale, the director owned 1,077,419 shares of the company’s stock, valued at $23,142,960.12. The trade was a 49.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.79% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Redwire
Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its stake in Redwire by 7,512.5% during 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 acquiring an additional 6,730,414 shares during the period. State Street Corp increased its stake in shares of Redwire by 61.1% in the fourth quarter. State Street Corp now owns 4,708,600 shares of the company’s stock worth $35,785,000 after acquiring an additional 1,786,038 shares during the period. UBS Group AG raised its holdings in shares of Redwire by 140.8% during the fourth quarter. UBS Group AG now owns 2,039,902 shares of the company’s stock worth $15,503,000 after purchasing an additional 1,192,885 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Redwire during the fourth quarter worth $7,676,000. Finally, Van ECK Associates Corp lifted its position in Redwire by 231.0% during the fourth quarter. Van ECK Associates Corp now owns 1,436,535 shares of the company’s stock valued at $10,918,000 after purchasing an additional 1,002,504 shares during the period. Institutional investors and hedge funds own 8.10% of the company’s stock.
Redwire Company Profile
Redwire Corporation is a space infrastructure company specializing in the design, engineering and manufacturing of mission-critical hardware and software for the spaceflight industry. The company’s offerings include deployable structures, solar power systems, radio frequency antennas, advanced composites and transparent optics. Redwire serves a broad customer base that spans civil space agencies, national defense organizations and commercial satellite operators, helping enable missions ranging from communications and Earth observation to deep-space exploration.
Formed through the strategic combination of several specialized space technology firms, Redwire’s portfolio encompasses both flight-proven hardware and cutting-edge in-space manufacturing capabilities.
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