Redwire (NYSE:RDW) Trading Down 8.5% - Here's What Happened

Redwire Co. (NYSE:RDW - Get Free Report)'s share price dropped 8.5% during trading on Tuesday . The company traded as low as $18.94 and last traded at $18.26. Approximately 1,125,403 shares traded hands during trading, a decline of 6% from the average daily volume of 1,192,558 shares. The stock had previously closed at $19.96.

Analysts Set New Price Targets

RDW has been the subject of a number of research analyst reports. Wall Street Zen raised Redwire from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $28.00 price target on shares of Redwire in a report on Tuesday, March 11th. B. Riley cut their price target on Redwire from $27.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, March 12th. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price target on shares of Redwire in a report on Wednesday, March 12th. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Redwire in a report on Monday, May 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Redwire currently has an average rating of "Moderate Buy" and an average target price of $20.05.

Redwire Price Performance

The firm has a 50 day simple moving average of $11.93 and a 200-day simple moving average of $14.31. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -16.61 and a beta of 2.53.

Redwire (NYSE:RDW - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). The firm had revenue of $61.40 million for the quarter, compared to analysts' expectations of $74.54 million. Research analysts anticipate that Redwire Co. will post -0.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP purchased a new position in shares of Redwire during the fourth quarter worth $33,000. Summit Investment Advisors Inc. boosted its position in shares of Redwire by 64.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company's stock worth $39,000 after buying an additional 931 shares during the period. Summit Securities Group LLC purchased a new position in Redwire in the fourth quarter valued at $63,000. Jones Financial Companies Lllp boosted its holdings in Redwire by 45.7% in the fourth quarter. Jones Financial Companies Lllp now owns 4,372 shares of the company's stock valued at $72,000 after purchasing an additional 1,372 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new position in Redwire in the first quarter valued at $42,000. 8.10% of the stock is currently owned by hedge funds and other institutional investors.

Redwire Company Profile

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.