Bank of New York Mellon Corp Makes New Investment in Redwire Corporation $RDW

Key Points

• Bank of New York Mellon acquired 553,541 Redwire shares worth approximately $6.77 million in the second quarter, representing about 0.23% of the company. Institutional investors and hedge funds collectively own 8.10% of RDW.
• Redwire insiders own 0.79% of the stock, while director Ae Red Holdings sold 1.07 million shares for approximately $23.0 million, reducing its ownership by 49.84%.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $14.69. Redwire recently beat quarterly earnings and revenue estimates, reporting a loss of $0.09 per share on $117.07 million in revenue.

Bank of New York Mellon Corp purchased a new position in Redwire Corporation (NYSE:RDW - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 553,541 shares of the company's stock, valued at approximately $6,770,000. Bank of New York Mellon Corp owned about 0.23% of Redwire as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of RDW. Parallel Advisors LLC bought a new position in shares of Redwire during the first quarter valued at approximately $28,000. KBC Group NV bought a new stake in shares of Redwire in the 1st quarter worth approximately $29,000. Sunbelt Securities Inc. lifted its holdings in shares of Redwire by 601.1% in the 4th quarter. Sunbelt Securities Inc. now owns 3,961 shares of the company's stock worth $30,000 after purchasing an additional 3,396 shares during the last quarter. CWM LLC boosted its position in Redwire by 1,725.0% during the 4th quarter. CWM LLC now owns 4,088 shares of the company's stock valued at $31,000 after purchasing an additional 3,864 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its position in Redwire by 1,054.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,016 shares of the company's stock valued at $31,000 after purchasing an additional 3,668 shares during the period. 8.10% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Redwire

In other news, Director Ae Red Holdings, Llc sold 1,070,565 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 1,077,419 shares in the company, valued at $23,142,960.12. This trade represents a 49.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.79% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on RDW. Jefferies Financial Group set a $15.00 target price on Redwire in a research report on Sunday, August 9th. Canaccord Genuity Group upped their price target on shares of Redwire from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Cantor Fitzgerald increased their price objective on shares of Redwire from $9.00 to $13.50 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Alliance Global Partners reiterated a "buy" rating on shares of Redwire in a research report on Thursday, August 6th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Redwire in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $14.69.

Redwire Price Performance

Shares of RDW opened at $10.34 on Friday. The firm has a market capitalization of $2.58 billion, a price-to-earnings ratio of -7.08 and a beta of 3.08. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.48 and a current ratio of 3.92. Redwire Corporation has a one year low of $4.87 and a one year high of $26.64. The stock's fifty day moving average is $10.78 and its 200-day moving average is $11.49.

Redwire (NYSE:RDW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.07. The business had revenue of $117.07 million during the quarter, compared to the consensus estimate of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. Equities analysts anticipate that Redwire Corporation will post -0.7 EPS for the current year.

Redwire 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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