Redwire (NYSE:RDW) Trading Down 6.8% – Here’s What Happened

Redwire Co. (NYSE:RDW)’s share price was down 6.8% on Wednesday . The stock traded as low as $22.51 and last traded at $21.99. Approximately 1,138,752 shares changed hands during trading, a decline of 45% from the average daily volume of 2,051,947 shares. The stock had previously closed at $23.58.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RDW. HC Wainwright upped their price objective on Redwire from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Wednesday, January 22nd. Roth Mkm upped their target price on shares of Redwire from $10.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 8th. Cantor Fitzgerald began coverage on shares of Redwire in a report on Friday, January 24th. They set an “overweight” rating and a $28.00 price target for the company. Finally, B. Riley raised shares of Redwire from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $9.50 to $27.00 in a research report on Monday, January 27th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Redwire currently has a consensus rating of “Buy” and a consensus target price of $18.04.

Redwire Trading Down 10.5 %

The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -14.79 and a beta of 2.23. The business has a 50 day simple moving average of $18.74 and a 200-day simple moving average of $12.00.

Insider Buying and Selling

In related news, major shareholder Park Lp Genesis II sold 10,115 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $24.11, for a total value of $243,872.65. Following the transaction, the insider now directly owns 3,644,566 shares of the company’s stock, valued at approximately $87,870,486.26. This trade represents a 0.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 684,454 shares of company stock valued at $13,682,993. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Redwire

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDW. Vanguard Group Inc. lifted its stake in shares of Redwire by 8.4% in the 4th quarter. Vanguard Group Inc. now owns 1,310,660 shares of the company’s stock valued at $21,573,000 after purchasing an additional 101,620 shares in the last quarter. Barclays PLC raised its holdings in Redwire by 6.5% in the fourth quarter. Barclays PLC now owns 1,258,366 shares of the company’s stock valued at $20,713,000 after buying an additional 77,228 shares during the period. Geode Capital Management LLC lifted its position in Redwire by 6.3% during the third quarter. Geode Capital Management LLC now owns 523,743 shares of the company’s stock valued at $3,599,000 after buying an additional 30,963 shares in the last quarter. Federated Hermes Inc. grew its stake in Redwire by 165.7% during the fourth quarter. Federated Hermes Inc. now owns 498,275 shares of the company’s stock worth $8,202,000 after buying an additional 310,769 shares during the period. Finally, State Street Corp increased its position in shares of Redwire by 8.1% in the third quarter. State Street Corp now owns 473,295 shares of the company’s stock worth $3,252,000 after acquiring an additional 35,519 shares in the last quarter. 8.10% of the stock is currently owned by institutional investors and hedge funds.

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.