Redwire (NYSE:RDW) Stock Price Down 3.7% - Here's What Happened

Redwire Co. (NYSE:RDW - Get Free Report)'s stock price fell 3.7% on Thursday . The stock traded as low as $14.94 and last traded at $14.92. 445,716 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 1,096,228 shares. The stock had previously closed at $15.49.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDW. Alliance Global Partners reiterated a "buy" rating on shares of Redwire in a report on Monday, May 12th. Wall Street Zen raised Redwire from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 22nd. HC Wainwright reissued a "buy" rating and set a $26.00 price objective on shares of Redwire in a research report on Wednesday, March 12th. Cantor Fitzgerald reissued an "overweight" rating and set a $28.00 price objective on shares of Redwire in a research report on Tuesday, March 11th. Finally, B. Riley lowered their price objective on Redwire from $27.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Redwire currently has a consensus 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 $10.82 and a 200 day simple moving average of $14.00. The firm has a market cap of $1.10 billion, a PE ratio of -11.83 and a beta of 2.46.

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

Hedge Funds Weigh In On Redwire

Large investors have recently modified their holdings of the stock. Andar Capital Management HK Ltd purchased a new position in shares of Redwire in the 4th quarter worth about $3,621,000. Barclays PLC raised its position in shares of Redwire by 6.5% in the 4th quarter. Barclays PLC now owns 1,258,366 shares of the company's stock worth $20,713,000 after purchasing an additional 77,228 shares during the last quarter. Mesirow Financial Investment Management Inc. bought a new stake in Redwire in the 4th quarter worth about $448,000. Northern Trust Corp increased its holdings in Redwire by 18.2% in the 4th quarter. Northern Trust Corp now owns 243,977 shares of the company's stock worth $4,016,000 after buying an additional 37,522 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Redwire by 8.4% in the 4th quarter. Vanguard Group Inc. now owns 1,310,660 shares of the company's stock worth $21,573,000 after buying an additional 101,620 shares in the last quarter. 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.