Redwire (NYSE:RDW) Shares Down 13.9% – Here’s Why

Redwire Corporation (NYSE:RDW) traded down 13.9% during trading on Friday . The stock traded as low as $17.62 and last traded at $18.4440. 53,501,059 shares traded hands during mid-day trading, an increase of 72% from the average session volume of 31,015,162 shares. The stock had previously closed at $21.43.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Truist Financial upgraded Redwire to a “strong-buy” rating in a research note on Friday, May 1st. Jefferies Financial Group downgraded Redwire from a “buy” rating to a “hold” rating and raised their target price for the stock from $13.00 to $24.00 in a research note on Monday, June 1st. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research note on Wednesday, April 22nd. Canaccord Genuity Group raised their target price on Redwire from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Finally, Zacks Research upgraded Redwire from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Redwire has a consensus rating of “Moderate Buy” and an average target price of $15.44.

Redwire Stock Down 13.9%

The stock has a 50-day moving average of $12.80 and a two-hundred day moving average of $10.12. The company has a market cap of $3.54 billion, a P/E ratio of -6.88 and a beta of 2.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.75.

Redwire (NYSE:RDW) last released its earnings results on Wednesday, May 6th. The company reported ($0.40) earnings per share 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 the consensus estimate 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 quarterly revenue was up 57.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.09) EPS. On average, research analysts anticipate that Redwire Corporation will post -0.76 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ae Red Holdings, Llc sold 977,887 shares of the business’s stock in a transaction that occurred on Tuesday, April 21st. The stock was sold at an average price of $10.57, for a total value of $10,336,265.59. Following the completion of the sale, the director owned 21,494,349 shares in the company, valued at $227,195,268.93. The trade was a 4.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 23,327,795 shares of company stock valued at $228,806,188. Insiders own 0.79% of the company’s stock.

Institutional Investors Weigh In On Redwire

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC bought a new stake in Redwire in the first quarter valued at approximately $28,000. Bank of America Corp DE lifted its position in Redwire by 7,512.5% in the first quarter. Bank of America Corp DE now owns 6,820,003 shares of the company’s stock valued at $57,970,000 after purchasing an additional 6,730,414 shares during the last quarter. Janus Henderson Group PLC lifted its position in Redwire by 157.5% in the first quarter. Janus Henderson Group PLC now owns 54,600 shares of the company’s stock valued at $463,000 after purchasing an additional 33,400 shares during the last quarter. Amundi lifted its position in Redwire by 55.4% in the first quarter. Amundi now owns 40,197 shares of the company’s stock valued at $342,000 after purchasing an additional 14,337 shares during the last quarter. Finally, Parvin Asset Management LLC lifted its position in Redwire by 6.9% in the first quarter. Parvin Asset Management LLC now owns 17,825 shares of the company’s stock valued at $152,000 after purchasing an additional 1,150 shares during the last quarter. Institutional investors own 8.10% of the company’s stock.

About Redwire

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.