Canaccord Genuity Group Issues Positive Forecast for Redwire (NYSE:RDW) Stock Price

Redwire (NYSE:RDW - Get Free Report) had its price objective increased by analysts at Canaccord Genuity Group from $20.00 to $21.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective points to a potential upside of 8.25% from the company's current price.

A number of other brokerages have also issued reports on RDW. Alliance Global Partners reiterated a "buy" rating on shares of Redwire in a research note on Monday, May 12th. Wall Street Zen lowered Redwire from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Truist Financial set a $16.00 price objective on Redwire and gave the company a "hold" rating in a research report on Thursday, June 26th. HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of Redwire in a research report on Tuesday, June 24th. Finally, Roth Capital restated a "buy" rating on shares of Redwire in a research report on Tuesday, June 24th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $19.61.

Redwire Price Performance

Shares of NYSE:RDW traded up $0.31 during midday trading on Wednesday, hitting $19.40. The company had a trading volume of 4,250,404 shares, compared to its average volume of 1,582,902. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -8.58 and a beta of 2.54. Redwire has a 12-month low of $4.87 and a 12-month high of $26.66. The company has a fifty day moving average of $15.78 and a two-hundred day moving average of $14.90.

Redwire (NYSE:RDW - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). The company had revenue of $61.40 million during the quarter, compared to analysts' expectations of $74.54 million. Research analysts expect that Redwire will post -0.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Register Financial Advisors LLC bought a new stake in shares of Redwire during the second quarter valued at approximately $3,640,000. Harbor Investment Advisory LLC raised its stake in Redwire by 70.8% in the second quarter. Harbor Investment Advisory LLC now owns 20,500 shares of the company's stock worth $334,000 after buying an additional 8,500 shares in the last quarter. Goldman Sachs Group Inc. grew 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 worth $2,945,000 after purchasing an additional 276,814 shares during the last quarter. Strs Ohio purchased a new position in Redwire in the first quarter worth $69,000. Finally, Bluefin Capital Management LLC purchased a new stake in shares of Redwire during the first quarter valued at $167,000. Hedge funds and other institutional investors own 8.10% of the company's stock.

Redwire Company Profile

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.