Redwire (NYSE:RDW) Shares Down 7% on Insider Selling

Redwire Co. (NYSE:RDW)’s stock price dropped 7% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $15.62 and last traded at $15.63. Approximately 279,822 shares were traded during trading, a decline of 73% from the average daily volume of 1,049,976 shares. The stock had previously closed at $16.81.

Specifically, major shareholder Park Lp Genesis II sold 100,000 shares of Redwire stock in a transaction on Monday, January 6th. The shares were sold at an average price of $18.02, for a total transaction of $1,802,000.00. Following the transaction, the insider now owns 4,322,853 shares in the company, valued at approximately $77,897,811.06. The trade was a 2.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Park Lp Genesis II sold 72,415 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $17.90, for a total transaction of $1,296,228.50. Following the transaction, the insider now owns 4,422,853 shares of the company’s stock, valued at approximately $79,169,068.70. This represents a 1.61 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several research firms have recently weighed in on RDW. Cantor Fitzgerald reiterated an “overweight” rating and set a $6.00 target price on shares of Redwire in a research report on Monday, September 30th. Roth Mkm lifted their target price on Redwire from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 8th. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of Redwire in a report on Wednesday, December 11th. Finally, B. Riley downgraded shares of Redwire from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $8.00 to $9.50 in a research report on Tuesday, October 29th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.13.

Redwire Price Performance

The stock has a market cap of $1.07 billion, a PE ratio of -13.29 and a beta of 2.17. The company’s fifty day moving average is $12.51 and its 200-day moving average is $8.88.

Hedge Funds Weigh In On Redwire

A number of institutional investors have recently modified their holdings of the stock. Barclays PLC lifted its holdings in Redwire by 55.8% during the third 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 in the last quarter. Geode Capital Management LLC increased its stake in shares of Redwire by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 523,743 shares of the company’s stock worth $3,599,000 after acquiring an additional 30,963 shares during the last quarter. State Street Corp raised its holdings in shares of Redwire by 8.1% during the 3rd 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 during the period. Harbor Capital Advisors Inc. purchased a new position in Redwire during the third quarter worth about $623,000. Finally, Penserra Capital Management LLC lifted its holdings in Redwire by 16.5% in the third quarter. Penserra Capital Management LLC now owns 74,626 shares of the company’s stock valued at $512,000 after acquiring an additional 10,558 shares during the last quarter. Hedge funds and other institutional investors 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.