Redwire (NYSE:RDW) Trading Down 6.8% – Here’s What Happened

Redwire Co. (NYSE:RDW) fell 6.8% during mid-day trading on Wednesday . The stock traded as low as $22.51 and last traded at $21.99. 1,138,752 shares were traded during mid-day trading, a decline of 45% from the average session volume of 2,051,947 shares. The stock had previously closed at $23.58.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RDW. B. Riley raised shares of Redwire from a “neutral” rating to a “buy” rating and raised their target price for the company from $9.50 to $27.00 in a research note on Monday, January 27th. HC Wainwright raised their target price on shares of Redwire from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Roth Mkm raised their target price on shares of Redwire from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Cantor Fitzgerald assumed coverage on shares of Redwire in a research report on Friday, January 24th. They issued an “overweight” rating and a $28.00 price target on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $18.04.

Redwire Stock Performance

The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -17.91 and a beta of 2.23. The firm’s fifty day simple moving average is $18.02 and its 200 day simple moving average is $11.67.

Insiders Place Their Bets

In other news, major shareholder Park Lp Genesis II sold 89,870 shares of Redwire stock in a transaction that occurred on Friday, December 27th. The shares were sold at an average price of $16.99, for a total value of $1,526,891.30. Following the sale, the insider now directly owns 4,603,427 shares in the company, valued at $78,212,224.73. This trade represents a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 674,339 shares of company stock worth $13,439,120. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Redwire

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Redwire in the fourth quarter valued at approximately $587,000. Squarepoint Ops LLC acquired a new stake in shares of Redwire in the fourth quarter valued at approximately $489,000. Two Sigma Advisers LP acquired a new stake in shares of Redwire in the fourth quarter valued at approximately $339,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Redwire by 4.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,876 shares of the company’s stock valued at $212,000 after purchasing an additional 532 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Redwire in the fourth quarter valued at approximately $4,830,000. 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.