Redwire (NYSE:RDW) Shares Up 8% – Time to Buy?

Redwire Corporation (NYSE:RDW)’s share price shot up 8% during trading on Monday . The company traded as high as $11.70 and last traded at $11.60. Approximately 13,912,238 shares changed hands during trading, a decline of 48% from the average daily volume of 26,872,275 shares. The stock had previously closed at $10.74.

Wall Street Analysts Forecast Growth

RDW has been the subject of a number of recent analyst reports. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research report on Thursday, August 6th. Bank of America increased their target price on Redwire from $7.00 to $8.00 and gave the stock an “underperform” rating in a research note on Monday, August 31st. Guggenheim assumed coverage on Redwire in a research note on Monday, September 14th. They issued a “neutral” rating on the stock. Jefferies Financial Group set a $15.00 price objective on Redwire in a report on Sunday, August 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Redwire in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Redwire currently has a consensus rating of “Hold” and an average price target of $14.69.

Redwire Price Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.48 and a current ratio of 3.92. The company has a 50-day moving average of $10.71 and a 200-day moving average of $11.66. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of -7.95 and a beta of 3.08.

Redwire (NYSE:RDW) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates 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%. As a group, equities research analysts expect that Redwire Corporation will post -0.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Redwire

Large investors have recently modified their holdings of the company. Deutsche Bank AG purchased a new position in shares of Redwire in the second quarter valued at $2,529,000. Tidal Investments LLC purchased a new stake in Redwire during the 2nd quarter worth $7,717,000. Van ECK Associates Corp lifted its holdings in Redwire by 173.0% in the 2nd quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company’s stock worth $83,791,000 after buying an additional 4,341,424 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Redwire in the 2nd quarter worth $6,770,000. Finally, BlackRock Inc. purchased a new position in Redwire in the 2nd quarter valued at about $196,514,000. 8.10% of the stock is currently owned by hedge funds and other institutional investors.

Redwire Company Profile

Redwire Corporation is a space infrastructure and technology company that develops products and services for government, commercial and international space customers. Its capabilities support the design, manufacture and operation of spacecraft, space systems and related infrastructure across missions in low Earth orbit and beyond.

The company’s offerings include digital engineering and mission-support services, spacecraft platforms, avionics, sensors, power systems, deployable structures and solar arrays.