Redwire (NYSE:RDW) Cut to Neutral at B. Riley

B. Riley downgraded shares of Redwire (NYSE:RDW) from a buy rating to a neutral rating in a research note published on Tuesday morning, MarketBeat reports. B. Riley currently has $9.50 price objective on the stock, up from their prior price objective of $8.00.

Several other research analysts have also recently weighed in on RDW. Alliance Global Partners boosted their price objective on Redwire from $7.00 to $8.25 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $6.00 target price on shares of Redwire in a research note on Monday, September 30th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.95.

Redwire Price Performance

Shares of RDW stock opened at $7.68 on Tuesday. The firm has a 50-day moving average of $7.16 and a 200-day moving average of $6.19. Redwire has a one year low of $2.35 and a one year high of $9.36. The company has a market cap of $511.00 million, a P/E ratio of -7.77 and a beta of 1.96.

Redwire (NYSE:RDW) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.15). The business had revenue of $78.11 million for the quarter, compared to analysts’ expectations of $66.86 million. As a group, research analysts expect that Redwire will post -0.87 earnings per share for the current fiscal year.

Institutional Trading of Redwire

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Redwire by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 1,118,812 shares of the company’s stock worth $4,912,000 after acquiring an additional 3,681 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in Redwire during the third quarter worth about $623,000. Bank of New York Mellon Corp increased its stake in shares of Redwire by 496.1% in the second quarter. Bank of New York Mellon Corp now owns 71,340 shares of the company’s stock worth $512,000 after purchasing an additional 59,372 shares in the last quarter. Squarepoint Ops LLC increased its stake in shares of Redwire by 59.4% in the second quarter. Squarepoint Ops LLC now owns 71,236 shares of the company’s stock worth $511,000 after purchasing an additional 26,543 shares in the last quarter. Finally, DNB Asset Management AS raised its position in shares of Redwire by 23.9% in the second quarter. DNB Asset Management AS now owns 39,094 shares of the company’s stock valued at $280,000 after purchasing an additional 7,538 shares during the period. 8.10% of the stock is currently 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.