Redwire (NYSE:RDW) Shares Down 8.8% - Here's Why

Redwire Co. (NYSE:RDW - Get Free Report)'s stock price dropped 8.8% during mid-day trading on Monday . The stock traded as low as $9.17 and last traded at $9.22. Approximately 396,700 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 959,252 shares. The stock had previously closed at $10.11.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. B. Riley reduced their target price on shares of Redwire from $27.00 to $25.00 and set a "neutral" rating on the stock in a research report on Wednesday, March 12th. HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of Redwire in a research report on Wednesday, March 12th. Alliance Global Partners restated a "buy" rating on shares of Redwire in a research note on Tuesday, March 11th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $28.00 price target on shares of Redwire in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Redwire has an average rating of "Moderate Buy" and a consensus target price of $17.71.

Redwire Stock Performance

The business's 50 day moving average price is $11.22 and its 200-day moving average price is $13.38. The firm has a market cap of $846.42 million, a price-to-earnings ratio of -9.26 and a beta of 2.51.

Insider Buying and Selling at Redwire

In related news, major shareholder Park Lp Genesis II sold 6,683 shares of the company's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $22.56, for a total transaction of $150,768.48. Following the sale, the insider now directly owns 3,704,664 shares of the company's stock, valued at approximately $83,577,219.84. This represents a 0.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 166,798 shares of company stock worth $3,827,641 over the last quarter. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Redwire

Several institutional investors have recently added to or reduced their stakes in RDW. Quarry LP acquired a new position in shares of Redwire in the 4th quarter valued at about $33,000. Summit Investment Advisors Inc. raised its stake in 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 acquiring an additional 931 shares during the period. FNY Investment Advisers LLC bought a new position in Redwire in the first quarter worth about $47,000. GAMMA Investing LLC boosted its stake in Redwire by 69,077.8% in the first quarter. GAMMA Investing LLC now owns 6,226 shares of the company's stock valued at $52,000 after acquiring an additional 6,217 shares during the period. Finally, Summit Securities Group LLC bought a new position in shares of Redwire during the fourth quarter valued at approximately $63,000. Institutional investors own 8.10% of the company's stock.

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.