Redwire (NYSE:RDW) Shares Down 6.8% – Here’s Why

Redwire Co. (NYSE:RDW) shares were down 6.8% during trading on Wednesday . The company traded as low as $22.51 and last traded at $21.99. 1,138,752 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 2,051,947 shares. The stock had previously closed at $23.58.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDW. HC Wainwright boosted their target price on Redwire from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Roth Mkm boosted their price objective on shares of Redwire from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Cantor Fitzgerald started coverage on shares of Redwire in a report on Friday, January 24th. They issued an “overweight” rating and a $28.00 target price for the company. Finally, B. Riley upgraded shares of Redwire from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $9.50 to $27.00 in a research note on Monday, January 27th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $18.04.

Redwire Price Performance

The business’s 50-day moving average price is $18.74 and its 200-day moving average price is $12.00. The firm has a market capitalization of $1.19 billion, a PE ratio of -14.79 and a beta of 2.23.

Insiders Place Their Bets

In other Redwire news, major shareholder Park Lp Genesis II sold 5,371 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $18.01, for a total transaction of $96,731.71. Following the completion of the sale, the insider now directly owns 4,598,056 shares of the company’s stock, valued at approximately $82,810,988.56. This trade represents a 0.12 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In 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 hedge funds have recently modified their holdings of the stock. Barclays PLC raised its position in Redwire by 55.8% during the 3rd quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock worth $8,115,000 after buying an additional 422,854 shares during the last quarter. Federated Hermes Inc. raised its holdings 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 purchasing an additional 310,769 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Redwire during the fourth quarter worth about $4,830,000. EAM Global Investors LLC acquired a new stake in Redwire in the fourth quarter valued at $4,689,000. Finally, Andar Capital Management HK Ltd purchased a new stake in shares of Redwire during the 4th quarter worth $3,621,000. 8.10% of the stock is 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.