Redwire (NYSE:RDW) Stock Falls 2.5% – Time to Sell?

Redwire Corporation (NYSE:RDW) shares dropped 2.5% during mid-day trading on Wednesday. The stock traded as low as $10.44 and last traded at $10.4620. Approximately 11,820,190 shares traded hands during trading, a decline of 55% from the average daily volume of 26,361,273 shares. The stock had previously closed at $10.73.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RDW shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Redwire in a report on Friday, July 17th. Canaccord Genuity Group raised their price target 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. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research report on Thursday, August 6th. Wall Street Zen raised shares of Redwire from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Cantor Fitzgerald increased their price objective on shares of Redwire from $9.00 to $13.50 and gave the company an “overweight” rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.69.

Redwire Trading Up 1.4%

The company has a market capitalization of $2.65 billion, a PE ratio of -7.25 and a beta of 3.12. The company has a fifty day simple moving average of $11.09 and a 200-day simple moving average of $11.79. The company has a current ratio of 3.92, a quick ratio of 3.48 and a debt-to-equity ratio of 0.03.

Redwire (NYSE:RDW) last posted its quarterly 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 business had revenue of $117.07 million for the quarter, compared to analyst estimates of $107.10 million. Redwire had a negative return on equity of 11.02% and a negative net margin of 57.26%. Analysts predict that Redwire Corporation will post -0.7 EPS for the current year.

Insider Buying and Selling

In other Redwire news, Director Ae Red Holdings, Llc sold 929,435 shares of Redwire stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $11.34, for a total transaction of $10,539,792.90. Following the transaction, the director directly owned 147,984 shares of the company’s stock, valued at $1,678,138.56. The trade was a 86.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.79% of the stock is owned by company insiders.

Institutional Trading of Redwire

A number of hedge funds and other institutional investors have recently made changes to their positions in RDW. BlackRock Inc. purchased a new position in Redwire in the second quarter worth approximately $196,514,000. Van ECK Associates Corp raised its position in Redwire by 173.0% in the second quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company’s stock valued at $83,791,000 after purchasing an additional 4,341,424 shares during the period. Bank of America Corp DE lifted its stake in shares of Redwire by 7,512.5% in the 1st 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. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Redwire in the 2nd quarter valued at $16,583,000. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Redwire during the 2nd quarter worth $11,186,000. Institutional investors and hedge funds own 8.10% of the company’s stock.

About Redwire

Redwire Corporation is a space infrastructure and defense technology company that develops products and services for government and commercial customers. Its work supports space exploration, national security, civil space programs and the growing commercial space economy.

The company’s offerings include spacecraft platforms, avionics, sensors, deployable structures, solar arrays, in-space manufacturing systems, robotic technologies and components designed for satellite and space station applications.