Redwire (NYSE:RDW) Stock Price Down 7.7% – What’s Next?

Shares of Redwire Co. (NYSE:RDW) dropped 7.7% during mid-day trading on Monday . The company traded as low as $21.71 and last traded at $22.09. Approximately 766,832 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 2,065,662 shares. The stock had previously closed at $23.92.

Analyst Upgrades and Downgrades

RDW has been the subject of several research reports. HC Wainwright lifted their price target on Redwire from $18.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Cantor Fitzgerald began coverage on Redwire in a report on Friday, January 24th. They set an “overweight” rating and a $28.00 target price on the stock. B. Riley raised Redwire from a “neutral” rating to a “buy” rating and raised their target price for the stock from $9.50 to $27.00 in a research note on Monday, January 27th. Finally, Roth Mkm raised their price objective on Redwire from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Redwire currently has an average rating of “Buy” and a consensus target price of $18.04.

Redwire Price Performance

The stock has a market capitalization of $1.49 billion, a P/E ratio of -18.56 and a beta of 2.23. The business’s 50 day moving average price is $15.86 and its 200 day moving average price is $10.41.

Insider Transactions at Redwire

In other Redwire news, major shareholder Park Lp Genesis II sold 5,371 shares of the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $18.01, for a total transaction of $96,731.71. Following the transaction, the insider now directly owns 4,598,056 shares in the company, valued at $82,810,988.56. This represents a 0.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 617,656 shares of company stock valued at $12,128,352 over the last 90 days. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in RDW. Barclays PLC boosted its stake in shares of Redwire by 55.8% in the third quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock worth $8,115,000 after acquiring an additional 422,854 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Redwire in the third quarter valued at approximately $623,000. Van ECK Associates Corp purchased a new position in shares of Redwire during the fourth quarter worth about $1,151,000. State Street Corp grew its position in 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 purchasing an additional 35,519 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Redwire by 6.3% during the third quarter. Geode Capital Management LLC now owns 523,743 shares of the company’s stock worth $3,599,000 after purchasing an additional 30,963 shares during the period. 8.10% of the stock is owned by institutional investors and hedge funds.

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.