Redwire Corporation $RDW Shares Sold by HighTower Advisors LLC

Key Points

• HighTower Advisors cut its Redwire stake by 73% in the second quarter, selling 121,233 shares and retaining 44,804 shares valued at approximately $548,000.
• Redwire reported quarterly revenue of $117.1 million and an adjusted loss of $0.09 per share, beating analyst expectations of $107.1 million in revenue and a $0.16-per-share loss.
• Analyst sentiment remains mixed: Redwire has an average “Hold” rating and a consensus price target of $14.69, compared with its reported share price of $10.75.

HighTower Advisors LLC lessened its stake in shares of Redwire Corporation (NYSE:RDW - Free Report) by 73.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,804 shares of the company's stock after selling 121,233 shares during the quarter. HighTower Advisors LLC's holdings in Redwire were worth $548,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of RDW. Parallel Advisors LLC purchased a new position in Redwire in the 1st quarter valued at $28,000. KBC Group NV purchased a new stake in shares of Redwire in the first quarter valued at about $29,000. Rockefeller Capital Management L.P. increased its stake in shares of Redwire by 1,054.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,016 shares of the company's stock worth $31,000 after acquiring an additional 3,668 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Redwire during the second quarter worth about $57,000. Finally, Global Retirement Partners LLC purchased a new position in Redwire during the second quarter worth about $82,000. 8.10% of the stock is owned by institutional investors and hedge funds.

Redwire Price Performance

Shares of NYSE RDW opened at $10.75 on Thursday. 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 company's 50-day moving average price is $10.68 and its 200 day moving average price is $11.64. Redwire Corporation has a 52 week low of $4.87 and a 52 week high of $26.64. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of -7.36 and a beta of 3.08.

Redwire (NYSE:RDW - Get Free Report) last announced its earnings results 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 company had revenue of $117.07 million during the quarter, compared to analysts' expectations of $107.10 million. As a group, research analysts forecast that Redwire Corporation will post -0.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on RDW shares. Canaccord Genuity Group raised their price objective on shares of Redwire from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of Redwire in a research note on Friday, July 17th. Jefferies Financial Group set a $15.00 price target on Redwire in a report on Sunday, August 9th. Cantor Fitzgerald lifted their price target on Redwire from $9.00 to $13.50 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Finally, Bank of America upped their price objective on Redwire from $7.00 to $8.00 and gave the stock an "underperform" rating in a report on Monday, August 31st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $14.69.

Redwire Profile

Redwire Corporation is a space infrastructure and technology company that develops products and services for government, commercial and international space customers. Its capabilities support the design, manufacture and operation of spacecraft, space systems and related infrastructure across missions in low Earth orbit and beyond.

The company's offerings include digital engineering and mission-support services, spacecraft platforms, avionics, sensors, power systems, deployable structures and solar arrays.

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