BlackRock Inc. Takes $196.51 Million Position in Redwire Corporation $RDW

Key Points

• BlackRock acquired a new 16.1 million-share position in Redwire during the second quarter, valued at approximately $196.5 million and representing 6.73% of the company.
• Redwire exceeded quarterly expectations, reporting revenue of $117.1 million versus the $107.1 million consensus and an adjusted loss of $0.09 per share versus estimates of $0.16.
• Analyst sentiment is mixed but leans positive: the stock has an average “Hold” rating and a $14.44 price target, while recent firms raised targets to between $13.50 and $15.00; shares recently opened at $11.29.

BlackRock Inc. bought a new position in shares of Redwire Corporation (NYSE:RDW - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 16,068,161 shares of the company's stock, valued at approximately $196,514,000. BlackRock Inc. owned 6.73% of Redwire at the end of the most recent reporting period.

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

Redwire Stock Performance

Shares of Redwire stock opened at $11.29 on Friday. The firm's fifty day simple moving average is $10.96 and its 200-day simple moving average is $11.43. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -7.74 and a beta of 3.05. Redwire Corporation has a 12 month low of $4.87 and a 12 month high of $26.64. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.92 and a quick ratio of 3.48.

Redwire (NYSE:RDW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share 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. As a group, equities analysts forecast that Redwire Corporation will post -0.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on RDW. Wall Street Zen upgraded shares of Redwire from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Cantor Fitzgerald raised their price objective on shares of Redwire from $9.00 to $13.50 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Canaccord Genuity Group lifted their price objective 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. Jefferies Financial Group set a $15.00 target price on shares of Redwire in a research note on Sunday, August 9th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Redwire in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Redwire has an average rating of "Hold" and an average price target of $14.44.

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 dated Thursday, June 11th. The shares were sold at an average price of $21.48, for a total transaction of $22,995,736.20. Following the completion of the sale, the director owned 1,077,419 shares in the company, valued at approximately $23,142,960.12. This represents a 49.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.79% of the company's stock.

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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