Redwire (NYSE:RDW) Price Target Cut to $17.50 by Analysts at Canaccord Genuity Group

Key Points

• Analysts at Canaccord Genuity Group have lowered their price target for Redwire (NYSE:RDW) from $21.00 to $17.50, indicating a potential upside of 98.82% from the current price.
• Redwire's stock performance has been volatile, with a one-year low of $5.27 and a high of $26.66, trading down to $8.80 recently.
• Despite the recent target price cuts, Redwire retains a "buy" rating from several analysts, with an average price target across firms of $19.42.

Redwire (NYSE:RDW - Get Free Report) had its target price decreased by analysts at Canaccord Genuity Group from $21.00 to $17.50 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 98.82% from the company's current price.

Several other equities research analysts have also recently weighed in on the company. Alliance Global Partners reissued a "buy" rating on shares of Redwire in a research note on Monday, May 12th. Truist Financial set a $16.00 price objective on Redwire and gave the stock a "hold" rating in a research note on Thursday, June 26th. HC Wainwright restated a "buy" rating and set a $22.00 target price (down previously from $26.00) on shares of Redwire in a research report on Friday. Wall Street Zen lowered Redwire from a "hold" rating to a "strong sell" rating in a research report on Saturday. Finally, B. Riley dropped their target price on Redwire from $25.00 to $20.00 and set a "buy" rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $19.42.

Redwire Price Performance

Shares of RDW stock traded down $0.19 during trading hours on Monday, hitting $8.80. The stock had a trading volume of 6,146,130 shares, compared to its average volume of 2,795,452. Redwire has a one year low of $5.27 and a one year high of $26.66. The stock's 50-day moving average price is $16.23 and its two-hundred day moving average price is $14.63. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -2.71 and a beta of 2.52.

Redwire (NYSE:RDW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.28). The firm had revenue of $61.76 million during the quarter, compared to analysts' expectations of $80.48 million. As a group, equities research analysts predict that Redwire will post -0.85 earnings per share for the current fiscal year.

Institutional Trading of Redwire

Large investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. bought a new position in Redwire in the second quarter worth approximately $7,062,000. SG Americas Securities LLC increased its position in shares of Redwire by 32.2% in the 2nd quarter. SG Americas Securities LLC now owns 13,932 shares of the company's stock valued at $227,000 after acquiring an additional 3,397 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its holdings in Redwire by 71.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 7,724 shares of the company's stock valued at $126,000 after purchasing an additional 3,213 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Redwire by 77.1% in the second quarter. Geode Capital Management LLC now owns 935,297 shares of the company's stock valued at $15,248,000 after purchasing an additional 407,131 shares during the last quarter. Finally, Andar Capital Management HK Ltd purchased a new stake in Redwire in the second quarter valued at $2,771,000. Hedge funds and other institutional investors own 8.10% of the company's stock.

About Redwire

Redwire Corporation provides critical space solutions and space infrastructure for government and commercial customers in the United States, Europe, and internationally. The company provides avionics and sensors including star trackers, sun sensors, critical for navigation, and control of spacecraft; camera systems; solar array solutions for spacecraft spanning the spectrum of size, power needs, and orbital location; and strain composite booms, coilable booms, truss structures, telescope baffles, and deployable booms to position sensors or solar arrays away from the spacecraft.

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