Redwire (NYSE:RDW) Shares Down 1.2% - What's Next?

Key Points

• Redwire shares fell 1.2% to about $10.50 in mid-day trading, with volume down 65% from the stock’s average daily volume.
• Analyst sentiment is mixed: the consensus rating is “Hold”, with an average price target of $14.69. Recent targets range from $13.50 to $15.00, while Weiss Ratings maintained a sell rating.
• Redwire exceeded quarterly expectations, reporting a loss of $0.09 per share versus the forecasted $0.16 loss and revenue of $117.07 million versus the $107.10 million consensus estimate. Institutional ownership remains limited at 8.1%, despite major purchases by BlackRock and other funds.

Redwire Corporation (NYSE:RDW - Get Free Report) shares were down 1.2% during mid-day trading on Monday . The stock traded as low as $10.21 and last traded at $10.4950. 9,605,120 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 27,202,598 shares. The stock had previously closed at $10.62.

Wall Street Analyst Weigh In

RDW has been the subject of several recent analyst reports. Wall Street Zen raised shares of Redwire from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Jefferies Financial Group set a $15.00 target price on shares of Redwire in a research report on Sunday, August 9th. Canaccord Genuity Group increased their target price on shares of Redwire from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. Cantor Fitzgerald lifted their price target on shares of Redwire from $9.00 to $13.50 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Redwire in a 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $14.69.

Redwire Price Performance

The stock has a market capitalization of $2.62 billion, a P/E ratio of -7.19 and a beta of 3.08. The business's 50 day simple moving average is $10.68 and its two-hundred day simple moving average is $11.60. The company has a quick ratio of 3.48, a current ratio of 3.92 and a debt-to-equity ratio of 0.03.

Redwire (NYSE:RDW - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $107.10 million. As a group, sell-side analysts forecast that Redwire Corporation will post -0.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RDW. BlackRock Inc. bought a new position in Redwire during the 2nd quarter valued at $196,514,000. Van ECK Associates Corp raised its holdings in shares of Redwire by 173.0% in the second quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company's stock valued at $83,791,000 after purchasing an additional 4,341,424 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Redwire by 7,512.5% in the first quarter. Bank of America Corp DE now owns 6,820,003 shares of the company's stock valued at $57,970,000 after purchasing an additional 6,730,414 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Redwire by 2,236.7% during the second quarter. California State Teachers Retirement System now owns 2,302,310 shares of the company's stock valued at $28,157,000 after purchasing an additional 2,203,783 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Redwire during the second quarter valued at about $16,583,000. Hedge funds and other institutional investors own 8.10% of the company's stock.

Redwire Company 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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