Redwire (NYSE:RDW) Sets New 52-Week Low on Analyst Downgrade

Redwire Corporation (NYSE:RDW) hit a new 52-week low on Thursday after Canaccord Genuity Group lowered their price target on the stock from $17.50 to $11.00. Canaccord Genuity Group currently has a buy rating on the stock. Redwire traded as low as $5.65 and last traded at $5.7150, with a volume of 2068896 shares trading hands. The stock had previously closed at $5.97.

A number of other equities research analysts have also recently commented on the stock. Truist Financial dropped their price objective on shares of Redwire from $11.00 to $8.00 and set a “hold” rating on the stock in a research note on Friday, November 7th. Roth Capital reissued a “buy” rating and set a $15.00 price target on shares of Redwire in a report on Thursday, November 6th. Wall Street Zen lowered shares of Redwire from a “hold” rating to a “strong sell” rating in a report on Saturday, August 9th. Industrial Alliance Securities set a $9.00 target price on Redwire in a research note on Thursday, November 6th. Finally, Bank of America reduced their price target on shares of Redwire from $10.00 to $9.00 and set an “underperform” rating for the company in a report on Friday, October 10th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $14.25.

Insider Buying and Selling

In other news, CEO Peter Anthony Cannito, Jr. purchased 32,155 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The shares were acquired at an average cost of $6.21 per share, for a total transaction of $199,682.55. Following the completion of the acquisition, the chief executive officer owned 526,728 shares in the company, valued at $3,270,980.88. This trade represents a 6.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bain Capital Credit Member, Ll sold 11,000,000 shares of the company’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $7.83, for a total transaction of $86,130,000.00. The SEC filing for this sale provides additional information. Company 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 the business. Goldman Sachs Group Inc. increased its position in shares of Redwire by 352.8% during the first quarter. Goldman Sachs Group Inc. now owns 355,265 shares of the company’s stock worth $2,945,000 after acquiring an additional 276,814 shares during the period. Wolverine Asset Management LLC raised its stake in Redwire by 192.7% in the first quarter. Wolverine Asset Management LLC now owns 45,508 shares of the company’s stock valued at $377,000 after buying an additional 29,962 shares in the last quarter. Canal Insurance CO purchased a new position in shares of Redwire in the 2nd quarter valued at about $3,260,000. Jump Financial LLC purchased a new stake in Redwire during the first quarter worth approximately $425,000. Finally, Register Financial Advisors LLC acquired a new position in Redwire in the second quarter valued at approximately $3,640,000. Institutional investors and hedge funds own 8.10% of the company’s stock.

Redwire Price Performance

The company has a market capitalization of $820.31 million, a PE ratio of -1.80 and a beta of 2.45. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.41 and a quick ratio of 1.11. The company’s 50 day simple moving average is $8.38 and its 200 day simple moving average is $11.88.

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.