Redwire (NYSE:RDW) Trading Down 7.3% – Here’s What Happened

Shares of Redwire Corporation (NYSE:RDW) fell 7.3% on Wednesday . The stock traded as low as $11.28 and last traded at $11.3270. Approximately 20,664,188 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 32,273,723 shares. The stock had previously closed at $12.22.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Truist Financial upgraded Redwire to a “strong-buy” rating in a research note on Friday, May 1st. Alliance Global Partners reissued a “buy” rating on shares of Redwire in a research note on Wednesday, April 22nd. Canaccord Genuity Group boosted their price objective on shares of Redwire from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Wall Street Zen raised shares of Redwire from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, Zacks Research upgraded Redwire from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.44.

Redwire Price Performance

The company has a market cap of $2.61 billion, a P/E ratio of -4.05 and a beta of 2.92. The company’s 50-day moving average price is $14.21 and its two-hundred day moving average price is $11.02. The company has a current ratio of 1.75, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Redwire (NYSE:RDW) last posted its quarterly earnings results on Wednesday, May 6th. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.24). Redwire had a negative return on equity of 11.68% and a negative net margin of 80.90%.The firm had revenue of $96.97 million during the quarter, compared to analyst estimates of $105.94 million. During the same quarter last year, the business posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 57.9% on a year-over-year basis. As a group, sell-side analysts expect that Redwire Corporation will post -0.76 earnings per share for the current year.

Insiders Place Their Bets

In other Redwire news, Director Ae Red Holdings, Llc sold 1,070,565 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $21.48, for a total transaction of $22,995,736.20. Following the sale, the director directly owned 1,077,419 shares of the company’s stock, valued at approximately $23,142,960.12. This represents a 49.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 13,211,433 shares of company stock worth $147,576,208 in the last three months. 0.79% of the stock is owned by insiders.

Institutional Trading of Redwire

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC acquired a new stake in Redwire in the first quarter worth $28,000. KBC Group NV acquired a new stake in shares of Redwire in the 1st quarter worth approximately $29,000. Sunbelt Securities Inc. lifted its position in Redwire by 601.1% in the fourth quarter. Sunbelt Securities Inc. now owns 3,961 shares of the company’s stock worth $30,000 after purchasing an additional 3,396 shares during the period. CWM LLC grew its holdings in Redwire by 1,725.0% during the fourth quarter. CWM LLC now owns 4,088 shares of the company’s stock worth $31,000 after acquiring an additional 3,864 shares during the period. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Redwire by 1,054.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,016 shares of the company’s stock worth $31,000 after purchasing an additional 3,668 shares during the last quarter. 8.10% of the stock is currently owned by institutional investors and hedge funds.

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.