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.

Equities research analysts at Bank of America initiated coverage on shares of Redwire (NYSE:RDW - Get Free Report) in a research note issued on Monday,Benzinga reports. The firm set an "underperform" rating and a $10.00 price target on the stock. Bank of America's target price would suggest a potential upside of 11.48% from the company's previous close.

Several other brokerages have also recently issued reports on RDW. Alliance Global Partners reissued a "buy" rating on shares of Redwire in a report on Monday, May 12th. Truist Financial set a $16.00 price objective on Redwire and gave the company a "hold" rating in a report on Thursday, June 26th. Canaccord Genuity Group decreased their price objective on Redwire from $21.00 to $17.50 and set a "buy" rating for the company in a report on Monday, August 11th. Roth Capital reissued a "buy" rating on shares of Redwire in a report on Tuesday, June 24th. Finally, HC Wainwright reissued a "buy" rating and issued a $22.00 price objective (down previously from $26.00) on shares of Redwire in a report on Friday, August 8th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.07.

Redwire Stock Performance

Shares of RDW stock opened at $8.97 on Monday. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -2.76 and a beta of 2.52. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.46 and a quick ratio of 1.11. The business has a fifty day moving average of $15.51 and a 200 day moving average of $14.19. Redwire has a 1 year low of $5.67 and a 1 year high of $26.66.

Redwire (NYSE:RDW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.28). The firm had revenue of $61.76 million during the quarter, compared to analysts' expectations 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, research analysts expect that Redwire will post -0.85 earnings per share for the current year.

Hedge Funds Weigh In On Redwire

Several institutional investors and hedge funds have recently modified their holdings of RDW. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Redwire by 4.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,876 shares of the company's stock valued at $212,000 after acquiring an additional 532 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Redwire by 7.8% during the fourth quarter. JPMorgan Chase & Co. now owns 10,854 shares of the company's stock valued at $179,000 after acquiring an additional 782 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings 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 acquiring an additional 931 shares during the last quarter. Gabelli Funds LLC raised its holdings in shares of Redwire by 7.4% during the first quarter. Gabelli Funds LLC now owns 18,871 shares of the company's stock valued at $156,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Redwire by 32.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,279 shares of the company's stock valued at $102,000 after acquiring an additional 1,533 shares during the last quarter. Hedge funds and other institutional investors 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.

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