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

Redwire Co. (NYSE:RDW)’s stock 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 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.

Wall Street Analyst Weigh In

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

Redwire Price Performance

The stock’s 50-day simple moving average is $18.02 and its 200 day simple moving average is $11.67. The stock has a market capitalization of $1.44 billion, a P/E ratio of -17.91 and a beta of 2.23.

Insider Activity

In other news, major shareholder Park Lp Genesis II sold 89,870 shares of the business’s stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $16.99, for a total value of $1,526,891.30. Following the completion of the sale, the insider now owns 4,603,427 shares of the company’s stock, valued at approximately $78,212,224.73. The trade was a 1.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 674,339 shares of company stock valued at $13,439,120. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Redwire

A number of institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Redwire by 4.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,876 shares of the company’s stock valued at $212,000 after acquiring an additional 532 shares during the period. JPMorgan Chase & Co. raised its stake in Redwire by 7.8% in the fourth quarter. JPMorgan Chase & Co. now owns 10,854 shares of the company’s stock valued at $179,000 after purchasing an additional 782 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in Redwire by 64.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company’s stock valued at $39,000 after purchasing an additional 931 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Redwire by 45.7% in the fourth quarter. Jones Financial Companies Lllp now owns 4,372 shares of the company’s stock valued at $72,000 after purchasing an additional 1,372 shares in the last quarter. Finally, Quarry LP acquired a new position in Redwire in the fourth quarter valued at about $33,000. 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.