Redwire (NYSE:RDW) Trading Down 5.7% – Here’s What Happened

Shares of Redwire Co. (NYSE:RDW) dropped 5.7% during trading on Wednesday . The stock traded as low as $11.03 and last traded at $11.09. Approximately 310,074 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 841,469 shares. The stock had previously closed at $11.76.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RDW shares. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of Redwire in a research note on Wednesday, March 12th. B. Riley decreased their target price on shares of Redwire from $27.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 12th. Cantor Fitzgerald reissued an “overweight” rating and issued a $28.00 target price on shares of Redwire in a research note on Tuesday, March 11th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Redwire in a report on Tuesday, March 11th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.71.

Redwire Price Performance

The stock has a market capitalization of $835.08 million, a P/E ratio of -9.17 and a beta of 2.33. The company’s 50 day simple moving average is $17.29 and its two-hundred day simple moving average is $13.00.

Insider Transactions at Redwire

In related news, major shareholder Park Lp Genesis II sold 89,870 shares of the company’s stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $16.99, for a total transaction of $1,526,891.30. Following the transaction, the insider now owns 4,603,427 shares in the company, valued at $78,212,224.73. This represents a 1.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 684,454 shares of company stock valued at $13,682,993 in the last three months. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Redwire

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio bought a new stake in shares of Redwire during the fourth quarter valued at approximately $587,000. Squarepoint Ops LLC acquired a new position in Redwire during the 4th quarter worth $489,000. Two Sigma Advisers LP bought a new position in Redwire in the 4th quarter valued at $339,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Redwire by 4.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,876 shares of the company’s stock valued at $212,000 after buying an additional 532 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Redwire in the 4th quarter valued at $4,830,000. Institutional investors and hedge funds 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.