Assenagon Asset Management S.A. Invests $1.73 Million in Redwire Corporation $RDW

Key Points

• Assenagon Asset Management bought 141,417 Redwire shares worth approximately $1.73 million, representing about 0.06% of the company.
• Several major institutions increased their Redwire holdings, although insider ownership remains low at 0.79%; Ae Red Holdings sold 1.07 million shares for nearly $23 million.
• Analyst sentiment is mixed, with an overall “Hold” rating and a $14.44 consensus price target. Redwire reported better-than-expected quarterly results, including $117.07 million in revenue and an EPS loss of $0.09.

Assenagon Asset Management S.A. bought a new stake in Redwire Corporation (NYSE:RDW - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 141,417 shares of the company's stock, valued at approximately $1,730,000. Assenagon Asset Management S.A. owned approximately 0.06% of Redwire as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of America Corp DE raised its stake in Redwire by 7,512.5% during the first quarter. Bank of America Corp DE now owns 6,820,003 shares of the company's stock valued at $57,970,000 after buying an additional 6,730,414 shares in the last quarter. State Street Corp lifted its holdings in shares of Redwire by 61.1% in the 4th quarter. State Street Corp now owns 4,708,600 shares of the company's stock worth $35,785,000 after purchasing an additional 1,786,038 shares during the last quarter. Vanguard Group Inc. boosted its position in Redwire by 2.9% during the 3rd quarter. Vanguard Group Inc. now owns 3,242,848 shares of the company's stock valued at $29,153,000 after purchasing an additional 91,045 shares during the period. UBS Group AG boosted its position in Redwire by 140.8% during the 4th quarter. UBS Group AG now owns 2,039,902 shares of the company's stock valued at $15,503,000 after purchasing an additional 1,192,885 shares during the period. Finally, Geode Capital Management LLC grew its stake in Redwire by 46.9% during the 4th quarter. Geode Capital Management LLC now owns 1,764,643 shares of the company's stock worth $13,413,000 after buying an additional 563,259 shares during the last quarter. 8.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Redwire

In other news, Director Ae Red Holdings, Llc sold 1,070,565 shares of the business's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $21.48, for a total value of $22,995,736.20. Following the completion of the sale, the director directly owned 1,077,419 shares in the company, valued at approximately $23,142,960.12. The trade was a 49.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.79% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on RDW. Weiss Ratings reiterated a "sell (d-)" rating on shares of Redwire in a research report on Friday, July 17th. Cantor Fitzgerald lifted their target price on Redwire from $9.00 to $13.50 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Wall Street Zen upgraded Redwire from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Canaccord Genuity Group raised their price target on Redwire from $14.00 to $15.00 and gave the company a "buy" rating in a report on Monday, August 10th. Finally, Truist Financial upgraded shares of Redwire to a "strong-buy" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $14.44.

Redwire Stock Performance

Shares of RDW opened at $13.57 on Friday. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of -9.30 and a beta of 3.05. The company's fifty day moving average is $11.56 and its 200-day moving average is $11.39. The company has a quick ratio of 1.37, a current ratio of 3.92 and a debt-to-equity ratio of 0.03. Redwire Corporation has a 12 month low of $4.87 and a 12 month high of $26.64.

Redwire (NYSE:RDW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.16) by $0.07. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. The firm had revenue of $117.07 million during the quarter, compared to analysts' expectations of $107.10 million. Equities analysts expect that Redwire Corporation will post -0.68 EPS for the current fiscal year.

About Redwire

Redwire Corporation is a space infrastructure company specializing in the design, engineering and manufacturing of mission-critical hardware and software for the spaceflight industry. The company's offerings include deployable structures, solar power systems, radio frequency antennas, advanced composites and transparent optics. Redwire serves a broad customer base that spans civil space agencies, national defense organizations and commercial satellite operators, helping enable missions ranging from communications and Earth observation to deep-space exploration.

Formed through the strategic combination of several specialized space technology firms, Redwire's portfolio encompasses both flight-proven hardware and cutting-edge in-space manufacturing capabilities.

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