Redwire (NYSE:RDW) Shares Up 7% - What's Next?

Key Points

• Redwire shares rose 7% to about $11.54, with 12.9 million shares traded—roughly half the average session volume.
• Analyst sentiment remains mixed: Canaccord raised its price target to $15 and several firms maintain “buy” ratings, but the consensus rating is “Hold” with an average target of $14.69.
• Redwire exceeded quarterly expectations, reporting a loss of $0.09 per share versus the expected $0.16 loss and revenue of $117.1 million versus $107.1 million expected; major institutions including BlackRock and Van ECK also built positions.

Redwire Corporation (NYSE:RDW - Get Free Report) traded up 7% during trading on Thursday . The company traded as high as $11.73 and last traded at $11.5410. Approximately 12,922,580 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 26,917,563 shares. The stock had previously closed at $10.79.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RDW. 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. Guggenheim started coverage on Redwire in a research report on Monday. They issued a "neutral" rating on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Redwire in a research note on Friday, July 17th. Alliance Global Partners reaffirmed a "buy" rating on shares of Redwire in a research report on Thursday, August 6th. Finally, Jefferies Financial Group set a $15.00 price objective on Redwire in a research report on Sunday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Redwire has a consensus rating of "Hold" and an average target price of $14.69.

Redwire Stock Up 7.0%

The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of -7.90 and a beta of 3.08. 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 firm's 50 day simple moving average is $10.68 and its 200-day simple moving average is $11.64.

Redwire (NYSE:RDW - Get Free Report) last released 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. The company had revenue of $117.07 million during the quarter, compared to analysts' expectations of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. On average, sell-side analysts anticipate that Redwire Corporation will post -0.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Redwire

Institutional investors have recently added to or reduced their stakes in the business. Deutsche Bank AG purchased a new position in Redwire in the second quarter worth $2,529,000. Tidal Investments LLC acquired a new stake in Redwire in the second quarter valued at $7,717,000. Van ECK Associates Corp boosted its position in shares of Redwire by 173.0% during the 2nd quarter. Van ECK Associates Corp now owns 6,851,228 shares of the company's stock worth $83,791,000 after purchasing an additional 4,341,424 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Redwire during the 2nd quarter worth $6,770,000. Finally, BlackRock Inc. acquired a new position in shares of Redwire during the 2nd quarter worth $196,514,000. 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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