Mirae Asset Global Investments Co. Ltd. Acquires 12,125,594 Shares of Redwire Corporation $RDW

Key Points

• Mirae Asset Global Investments acquired 12.1 million Redwire shares valued at approximately $126.6 million, giving it a 4.85% stake. Institutional investors and hedge funds collectively own 8.10% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $14.28. Targets from individual analysts range up to $15, while ratings span from Strong Buy to Sell.
• Redwire shares opened at $8.35 after declining 8.8%; the company recently beat quarterly revenue and EPS expectations but remains unprofitable, with a projected full-year loss of $0.73 per share.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Redwire Corporation (NYSE:RDW - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 12,125,594 shares of the company's stock, valued at approximately $126,591,000. Mirae Asset Global Investments Co. Ltd. owned about 4.85% of Redwire as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Deutsche Bank AG bought a new stake in shares of Redwire during the second quarter worth about $2,529,000. Tidal Investments LLC bought a new position in Redwire in the 2nd quarter valued at approximately $7,717,000. Van ECK Associates Corp raised its holdings in Redwire by 173.0% in the 2nd quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company's stock valued at $83,791,000 after buying an additional 4,341,424 shares during the last quarter. Bank of America Corp DE acquired a new stake in Redwire during the 2nd quarter worth approximately $13,124,000. Finally, Bank of New York Mellon Corp acquired a new stake in Redwire during the 2nd quarter worth approximately $6,770,000. Institutional investors and hedge funds own 8.10% of the company's stock.

Insider Activity

In other news, Director Ae Red Holdings, Llc sold 929,435 shares of the company's stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $11.34, for a total value of $10,539,792.90. Following the sale, the director directly owned 147,984 shares of the company's stock, valued at approximately $1,678,138.56. This represents a 86.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.79% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RDW shares. Guggenheim assumed coverage on shares of Redwire in a report on Monday, September 14th. They set a "neutral" rating on the stock. Canaccord Genuity Group raised their price target on shares of Redwire from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Wall Street Zen upgraded shares of Redwire from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Redwire in a report on Thursday, October 15th. Finally, Jefferies Financial Group set a $15.00 price objective on shares of Redwire in a research note on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $14.28.

Redwire Trading Down 8.8%

Shares of RDW stock opened at $8.35 on Friday. Redwire Corporation has a 1-year low of $4.87 and a 1-year high of $26.64. The company has a current ratio of 3.92, a quick ratio of 3.48 and a debt-to-equity ratio of 0.03. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of -5.72 and a beta of 3.12. The stock has a 50-day moving average of $10.21 and a 200-day moving average of $11.09.

Redwire (NYSE:RDW - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate 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 return on equity of 11.02% and a negative net margin of 57.26%. On average, equities research analysts forecast that Redwire Corporation will post -0.73 earnings per share for the current year.

Redwire Profile

Redwire Corporation NYSE: RDW is a space infrastructure and defense technology company that develops products and services for government and commercial customers. Its capabilities support spacecraft, space stations, national security missions, and other applications across the space economy.

The company's offerings include deployable solar arrays, spacecraft platforms, avionics, sensors, communications systems, digital engineering and mission-support services. Redwire also develops robotic systems, in-space manufacturing technologies, payloads, and other solutions designed to enable spacecraft operations and the production of materials in orbit.

Redwire was formed in 2020 through the combination of several space technology businesses backed by AE Industrial Partners and became a publicly traded company in 2021.

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