Bank of America Issues Pessimistic Forecast for Redwire (NYSE:RDW) Stock Price

Redwire (NYSE:RDW) had its price objective lowered by stock analysts at Bank of America from $9.00 to $6.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 18.69% from the stock’s previous close.

RDW has been the subject of several other research reports. Canaccord Genuity Group lowered their price objective on shares of Redwire from $17.50 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, November 12th. Alliance Global Partners reaffirmed a “buy” rating on shares of Redwire in a research note on Thursday, November 6th. Zacks Research raised Redwire from a “strong sell” rating to a “hold” rating in a research note on Monday, November 10th. Industrial Alliance Securities set a $9.00 price target on Redwire in a report on Thursday, November 6th. Finally, Wall Street Zen downgraded Redwire from a “hold” rating to a “strong sell” rating in a report on Saturday, August 9th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $13.88.

Redwire Price Performance

Shares of RDW opened at $5.06 on Wednesday. The stock has a 50 day simple moving average of $8.03 and a 200 day simple moving average of $11.63. Redwire has a 52-week low of $5.03 and a 52-week high of $26.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.05 and a current ratio of 1.41. The firm has a market capitalization of $834.83 million, a PE ratio of -1.59 and a beta of 2.45.

Insider Buying and Selling

In related news, CEO Peter Anthony Cannito, Jr. purchased 32,155 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was purchased at an average cost of $6.21 per share, for a total transaction of $199,682.55. Following the completion of the purchase, the chief executive officer directly 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 hyperlink. Also, EVP Aaron Michael Futch purchased 18,410 shares of the stock in a transaction on Friday, November 14th. The shares were bought at an average cost of $5.45 per share, for a total transaction of $100,334.50. Following the transaction, the executive vice president directly owned 88,704 shares in the company, valued at approximately $483,436.80. The trade was a 26.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 56,065 shares of company stock worth $330,047 over the last 90 days. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Redwire

Several hedge funds and other institutional investors have recently made changes to their positions in RDW. Abich Financial Wealth Management LLC bought a new stake in Redwire during the third quarter worth $41,000. KLP Kapitalforvaltning AS acquired a new position in shares of Redwire during the 1st quarter worth about $42,000. Russell Investments Group Ltd. raised its holdings in shares of Redwire by 308.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,862 shares of the company’s stock valued at $44,000 after purchasing an additional 3,672 shares during the period. Ameritas Advisory Services LLC acquired a new stake in Redwire in the 2nd quarter valued at about $54,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Redwire by 440.4% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 6,620 shares of the company’s stock valued at $60,000 after purchasing an additional 5,395 shares during the last quarter. 8.10% of the stock is owned by institutional investors.

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.