B. Riley Upgrades Redwire (NYSE:RDW) to “Buy”

Redwire (NYSE:RDW) was upgraded by B. Riley from a “neutral” rating to a “buy” rating in a report released on Friday, MarketBeat Ratings reports. The firm presently has a $8.00 price objective on the stock. B. Riley’s target price points to a potential upside of 48.42% from the company’s previous close.

RDW has been the topic of a number of other reports. Roth Mkm boosted their price target on Redwire from $5.00 to $10.00 and gave the company a “buy” rating in a report on Friday, May 10th. Alliance Global Partners lifted their price objective on shares of Redwire from $7.00 to $8.25 and gave the company a “buy” rating in a report on Tuesday, July 30th. Longbow Research boosted their price objective on shares of Redwire from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.00 price target on shares of Redwire in a research note on Monday, July 22nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $7.65.

Redwire Price Performance

Shares of Redwire stock traded up $0.23 on Friday, hitting $5.39. The company had a trading volume of 472,968 shares, compared to its average volume of 329,583. The stock has a 50-day moving average of $6.51 and a 200-day moving average of $4.74. Redwire has a twelve month low of $2.35 and a twelve month high of $8.23. The firm has a market capitalization of $353.47 million, a P/E ratio of -7.49 and a beta of 1.97.

Redwire (NYSE:RDW) last announced its earnings results on Wednesday, May 8th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The company had revenue of $87.79 million for the quarter, compared to analysts’ expectations of $65.88 million. Equities analysts predict that Redwire will post -0.48 EPS for the current year.

Insider Transactions at Redwire

In other Redwire news, Director Ae Red Holdings, Llc sold 94,579 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $7.88, for a total value of $745,282.52. Following the sale, the director now owns 35,923,576 shares in the company, valued at $283,077,778.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 238,732 shares of company stock worth $1,836,940 in the last ninety days. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Redwire

Several institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC bought a new position in shares of Redwire during the first quarter worth approximately $59,000. Rhumbline Advisers grew its holdings in Redwire by 64.7% in the 2nd quarter. Rhumbline Advisers now owns 32,335 shares of the company’s stock valued at $232,000 after buying an additional 12,703 shares in the last quarter. DNB Asset Management AS grew its holdings in Redwire by 23.9% in the 2nd quarter. DNB Asset Management AS now owns 39,094 shares of the company’s stock valued at $280,000 after buying an additional 7,538 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Redwire by 496.1% during the second quarter. Bank of New York Mellon Corp now owns 71,340 shares of the company’s stock worth $512,000 after buying an additional 59,372 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Redwire by 0.3% in the first quarter. Vanguard Group Inc. now owns 1,118,812 shares of the company’s stock valued at $4,912,000 after acquiring an additional 3,681 shares during the period. 8.10% of the stock is currently owned by institutional investors and hedge funds.

About Redwire

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.