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

Redwire (NYSE:RDW) had its price objective lowered by investment analysts at Bank of America from $10.00 to $9.00 in a report released on Friday,Benzinga reports. The firm presently has an “underperform” rating on the stock. Bank of America‘s target price points to a potential upside of 3.09% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a report on Wednesday. Roth Capital restated a “buy” rating on shares of Redwire in a report on Tuesday, June 24th. Truist Financial set a $16.00 price target on shares of Redwire and gave the stock a “hold” rating in a report on Thursday, June 26th. Wall Street Zen cut shares of Redwire from a “hold” rating to a “strong sell” rating in a report on Saturday, August 9th. Finally, Canaccord Genuity Group lowered their price objective on shares of Redwire from $21.00 to $17.50 and set a “buy” rating for the company in a research note on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Redwire presently has an average rating of “Moderate Buy” and an average target price of $17.93.

Redwire Trading Down 9.5%

NYSE RDW opened at $8.73 on Friday. The company’s 50-day moving average price is $9.34 and its 200-day moving average price is $12.13. The company has a current ratio of 1.46, a quick ratio of 1.11 and a debt-to-equity ratio of 0.21. The stock has a market cap of $1.26 billion, a PE ratio of -2.69 and a beta of 2.47. Redwire has a 12 month low of $6.61 and a 12 month high of $26.66.

Redwire (NYSE:RDW) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.28). The company had revenue of $61.76 million during the quarter, compared to the consensus estimate of $80.48 million. Redwire had a negative return on equity of 32.67% and a negative net margin of 71.95%. Equities research analysts forecast that Redwire will post -0.85 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Bain Capital Credit Member, Ll sold 11,000,000 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $7.83, for a total value of $86,130,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Redwire

Hedge funds have recently modified their holdings of the company. Ameritas Advisory Services LLC purchased a new stake in shares of Redwire during the second quarter valued at about $54,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Redwire during the first quarter valued at about $42,000. FNY Investment Advisers LLC purchased a new stake in shares of Redwire during the first quarter valued at about $47,000. GAMMA Investing LLC lifted its position in shares of Redwire by 69,077.8% during the first quarter. GAMMA Investing LLC now owns 6,226 shares of the company’s stock valued at $52,000 after buying an additional 6,217 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of Redwire by 32.3% during the second quarter. Tower Research Capital LLC TRC now owns 6,279 shares of the company’s stock valued at $102,000 after buying an additional 1,533 shares during the last quarter. 8.10% of the stock is owned by hedge funds and other 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.