Redwire (NYSE:RDW) Stock Price Down 7% on Insider Selling

Redwire Co. (NYSE:RDW)’s stock price dropped 7% during trading on Wednesday following insider selling activity. The stock traded as low as $15.62 and last traded at $15.63. Approximately 279,822 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,049,976 shares. The stock had previously closed at $16.81.

Specifically, major shareholder Park Lp Genesis II sold 100,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $18.02, for a total transaction of $1,802,000.00. Following the completion of the transaction, the insider now owns 4,322,853 shares of the company’s stock, valued at approximately $77,897,811.06. This trade represents a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Park Lp Genesis II sold 72,415 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $17.90, for a total transaction of $1,296,228.50. Following the completion of the sale, the insider now directly owns 4,422,853 shares in the company, valued at approximately $79,169,068.70. This represents a 1.61 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

RDW has been the topic of several recent research reports. Roth Mkm lifted their target price on Redwire from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.00 price objective on shares of Redwire in a research note on Monday, September 30th. HC Wainwright reiterated a “buy” rating and issued a $18.00 target price on shares of Redwire in a report on Wednesday, December 11th. Finally, B. Riley lowered shares of Redwire from a “buy” rating to a “neutral” rating and raised their price target for the stock from $8.00 to $9.50 in a report on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Redwire has an average rating of “Moderate Buy” and an average price target of $10.13.

Redwire Stock Down 3.5 %

The firm has a market cap of $1.08 billion, a price-to-earnings ratio of -13.40 and a beta of 2.17. The firm has a 50 day moving average of $12.68 and a 200 day moving average of $8.96.

Hedge Funds Weigh In On Redwire

Institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in shares of Redwire by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 523,743 shares of the company’s stock valued at $3,599,000 after buying an additional 30,963 shares during the period. Barclays PLC boosted its holdings in 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 in the last quarter. State Street Corp grew its stake in Redwire by 8.1% in the third quarter. State Street Corp now owns 473,295 shares of the company’s stock valued at $3,252,000 after acquiring an additional 35,519 shares during the period. Stifel Financial Corp bought a new stake in shares of Redwire during the third quarter valued at approximately $139,000. Finally, MetLife Investment Management LLC raised its position in shares of Redwire by 129.1% during the third quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock worth $97,000 after purchasing an additional 7,921 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.