Redwire (NYSE:RDW) Trading Down 5.7% – Here’s Why

Redwire Co. (NYSE:RDW)’s share price was down 5.7% on Wednesday . The stock traded as low as $11.03 and last traded at $11.09. Approximately 310,074 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 841,469 shares. The stock had previously closed at $11.76.

Wall Street Analysts Forecast Growth

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

Redwire Price Performance

The stock’s 50 day simple moving average is $17.29 and its 200-day simple moving average is $13.00. The stock has a market capitalization of $835.08 million, a price-to-earnings ratio of -9.17 and a beta of 2.33.

Insider Buying and Selling

In other Redwire news, major shareholder Park Lp Genesis II sold 5,371 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $18.01, for a total value of $96,731.71. Following the sale, the insider now owns 4,598,056 shares of the company’s stock, valued at $82,810,988.56. This trade represents a 0.12 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last three months, insiders sold 684,454 shares of company stock worth $13,682,993. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Redwire

Hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC boosted its holdings in Redwire by 55.8% in the 3rd quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock valued at $8,115,000 after purchasing an additional 422,854 shares during the period. Federated Hermes Inc. raised its position in shares of Redwire by 165.7% during the fourth quarter. Federated Hermes Inc. now owns 498,275 shares of the company’s stock valued at $8,202,000 after buying an additional 310,769 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Redwire in the fourth quarter valued at about $4,830,000. EAM Global Investors LLC acquired a new stake in Redwire during the fourth quarter worth about $4,689,000. Finally, Andar Capital Management HK Ltd bought a new position in Redwire during the fourth quarter valued at about $3,621,000. Institutional investors and hedge funds 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.