Bank of America Initiates Coverage on Redwire (NYSE:RDW)

Key Points

• Bank of America has initiated coverage on Redwire (NYSE:RDW) with an "underperform" rating and a price target of $10.00, suggesting an 11.48% upside potential from the previous close.
• Redwire reported a loss of $0.39 EPS for the last quarter, missing analysts' estimates, alongside revenue that fell short of expectations at $61.76 million.
• The stock has received mixed ratings from analysts, with a consensus of "Moderate Buy" and a consensus price target of $18.07, highlighting varying confidence in its performance.

Research analysts at Bank of America assumed coverage on shares of Redwire (NYSE:RDW - Get Free Report) in a research note issued on Monday, Marketbeat Ratings reports. The firm set an "underperform" rating and a $10.00 price target on the stock. Bank of America's price objective points to a potential upside of 10.07% from the company's previous close.

RDW has been the topic of several other reports. HC Wainwright reiterated a "buy" rating and set a $22.00 price target (down from $26.00) on shares of Redwire in a research report on Friday, August 8th. Truist Financial set a $16.00 target price on Redwire and gave the company a "hold" rating in a report on Thursday, June 26th. Alliance Global Partners reissued a "buy" rating on shares of Redwire in a research report on Monday, May 12th. Roth Capital reaffirmed a "buy" rating on shares of Redwire in a report on Tuesday, June 24th. Finally, Canaccord Genuity Group reduced their target price on Redwire from $21.00 to $17.50 and set a "buy" rating on the stock in a report on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $18.07.

Redwire Stock Performance

NYSE:RDW traded up $0.3850 during trading hours on Monday, reaching $9.0850. 3,235,555 shares of the stock were exchanged, compared to its average volume of 5,256,928. The company has a quick ratio of 1.11, a current ratio of 1.46 and a debt-to-equity ratio of 0.21. The firm has a 50 day simple moving average of $14.46 and a 200-day simple moving average of $13.82. Redwire has a 52 week low of $5.67 and a 52 week high of $26.66. The stock has a market capitalization of $1.31 billion, a P/E ratio of -2.80 and a beta of 2.52.

Redwire (NYSE:RDW - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.39) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.28). The firm had revenue of $61.76 million for the quarter, compared to the consensus estimate of $80.48 million. Redwire had a negative return on equity of 32.67% and a negative net margin of 71.95%. As a group, sell-side analysts forecast that Redwire will post -0.85 earnings per share for the current fiscal year.

Institutional Trading of Redwire

Several large investors have recently made changes to their positions in RDW. Quarry LP bought a new position in Redwire in the fourth quarter valued at about $33,000. Summit Investment Advisors Inc. boosted its position in shares of Redwire by 64.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company's stock valued at $39,000 after buying an additional 931 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Redwire during the first quarter valued at approximately $42,000. FNY Investment Advisers LLC purchased a new position in Redwire in the first quarter worth $47,000. Finally, GAMMA Investing LLC raised its stake in shares of Redwire by 69,077.8% in the first quarter. GAMMA Investing LLC now owns 6,226 shares of the company's stock valued at $52,000 after buying an additional 6,217 shares during the period. Institutional investors and hedge funds own 8.10% of the company's stock.

About Redwire

Redwire Corporation provides critical space solutions and space infrastructure for government and commercial customers in the United States, Europe, and internationally. The company provides avionics and sensors including star trackers, sun sensors, critical for navigation, and control of spacecraft; camera systems; solar array solutions for spacecraft spanning the spectrum of size, power needs, and orbital location; and strain composite booms, coilable booms, truss structures, telescope baffles, and deployable booms to position sensors or solar arrays away from the spacecraft.