Redwire (NYSE:RDW) Shares Up 6.8% – Here’s What Happened

Redwire Corporation (NYSE:RDW)’s stock price was up 6.8% during mid-day trading on Tuesday . The company traded as high as $11.36 and last traded at $11.2440. Approximately 15,186,297 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 27,537,898 shares. The stock had previously closed at $10.53.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Redwire in a research note on Friday, July 17th. Jefferies Financial Group set a $15.00 price target on Redwire in a report on Sunday, August 9th. Canaccord Genuity Group upped their target price on shares of Redwire from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Wall Street Zen raised shares of Redwire from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Cantor Fitzgerald upped their price objective on Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.69.

Redwire Stock Performance

The stock’s 50-day moving average price is $10.70 and its 200-day moving average price is $11.56. The company has a market cap of $2.71 billion, a P/E ratio of -7.43 and a beta of 3.08. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.92 and a quick ratio of 3.48.

Redwire (NYSE:RDW) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.07. The company had revenue of $117.07 million for the quarter, compared to analysts’ expectations of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. Equities analysts anticipate that Redwire Corporation will post -0.7 EPS for the current year.

Institutional Investors Weigh In On Redwire

A number of large investors have recently modified their holdings of RDW. AQR Capital Management LLC boosted its stake in Redwire by 125.0% in the first quarter. AQR Capital Management LLC now owns 51,437 shares of the company’s stock valued at $426,000 after buying an additional 28,576 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Redwire by 352.8% in the first quarter. Goldman Sachs Group Inc. now owns 355,265 shares of the company’s stock valued at $2,945,000 after purchasing an additional 276,814 shares during the period. Strs Ohio bought a new position in shares of Redwire during the first quarter worth about $69,000. Rhumbline Advisers raised its holdings in Redwire by 61.0% during the 2nd quarter. Rhumbline Advisers now owns 56,517 shares of the company’s stock worth $921,000 after purchasing an additional 21,417 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Redwire by 57.6% during the second quarter. Invesco Ltd. now owns 21,198 shares of the company’s stock worth $346,000 after buying an additional 7,750 shares during the last quarter. 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.