Bank of America Corp DE Raises Stake in Redwire Corporation $RDW

Key Points

• Bank of America increased its Redwire stake by 7,512.5% in the first quarter, purchasing 6.73 million additional shares to own approximately 3.55% of the company, worth about $58 million.
• Analyst sentiment remains mixed: Redwire has a consensus “Hold” rating and a $14.44 price target, despite some firms raising targets to as high as $15 and maintaining Buy ratings.
• Redwire reported better-than-expected quarterly results, with an adjusted loss of $0.09 per share versus estimates of $0.16 and revenue of $117.07 million versus $107.10 million expected. However, the company remains unprofitable, with a negative net margin of 57.26%.

Bank of America Corp DE boosted its stake in Redwire Corporation (NYSE:RDW - Free Report) by 7,512.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,820,003 shares of the company's stock after purchasing an additional 6,730,414 shares during the quarter. Bank of America Corp DE owned approximately 3.55% of Redwire worth $57,970,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in RDW. Capelight Capital Asset Management LP bought a new stake in Redwire during the fourth quarter valued at $1,330,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Redwire in the 4th quarter worth about $7,676,000. Trivest Advisors Ltd purchased a new stake in shares of Redwire in the 1st quarter valued at about $5,398,000. Empowered Funds LLC purchased a new stake in shares of Redwire in the 1st quarter valued at about $2,094,000. Finally, Bank of New York Mellon Corp boosted its position in shares of Redwire by 58.0% during the 1st quarter. Bank of New York Mellon Corp now owns 267,174 shares of the company's stock valued at $2,271,000 after acquiring an additional 98,122 shares during the last quarter. Hedge funds and other institutional investors own 8.10% of the company's stock.

Wall Street Analysts Forecast Growth

RDW has been the subject of several recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Redwire in a report on Friday, July 17th. Alliance Global Partners reaffirmed a "buy" rating on shares of Redwire in a research note on Thursday, August 6th. Cantor Fitzgerald lifted their target price on shares of Redwire from $9.00 to $13.50 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Wall Street Zen raised shares of Redwire from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Canaccord Genuity Group increased their price target on shares of Redwire from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $14.44.

Redwire Stock Performance

NYSE:RDW opened at $13.52 on Wednesday. The business has a 50 day moving average of $11.93 and a 200 day moving average of $11.36. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -9.26 and a beta of 3.05. Redwire Corporation has a 1-year low of $4.87 and a 1-year high of $26.64. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.75 and a quick ratio of 1.37.

Redwire (NYSE:RDW - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 12.65%. On average, sell-side analysts predict that Redwire Corporation will post -0.68 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Ae Red Holdings, Llc sold 1,070,565 shares of the company'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 owned 1,077,419 shares of the company's stock, valued at approximately $23,142,960.12. This represents a 49.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.79% of the company's stock.

Redwire Company Profile

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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