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

Redwire Co. (NYSE:RDW)’s stock price was down 7% during trading on Wednesday following insider selling activity. The company traded as low as $15.62 and last traded at $15.63. Approximately 279,822 shares changed hands during 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 stock in a transaction that occurred 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 sale, the insider now directly owns 4,322,853 shares in the company, valued at $77,897,811.06. This represents a 2.26 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Park Lp Genesis II sold 72,415 shares of the stock in a transaction that occurred 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 sale, the insider now owns 4,422,853 shares in the company, valued at approximately $79,169,068.70. This trade represents a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of research firms have issued reports on RDW. Cantor Fitzgerald reiterated an “overweight” rating and set a $6.00 target price on shares of Redwire in a report on Monday, September 30th. B. Riley lowered shares of Redwire from a “buy” rating to a “neutral” rating and increased their target price for the stock from $8.00 to $9.50 in a report on Tuesday, October 29th. Roth Mkm increased their target price on shares of Redwire from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Redwire in a report on Wednesday, December 11th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.13.

Redwire Trading Down 3.5 %

The stock’s fifty day moving average price is $12.85 and its two-hundred day moving average price is $9.01. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -13.40 and a beta of 2.17.

Institutional Investors Weigh In On Redwire

A number of institutional investors and hedge funds have recently bought and sold shares of RDW. Barclays PLC increased its position in shares of Redwire by 55.8% during the third quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock worth $8,115,000 after purchasing an additional 422,854 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Redwire in the third quarter valued at approximately $623,000. Bank of New York Mellon Corp grew its position in shares of Redwire by 496.1% during the second quarter. Bank of New York Mellon Corp now owns 71,340 shares of the company’s stock worth $512,000 after acquiring an additional 59,372 shares during the last quarter. LJI Wealth Management LLC acquired a new position in shares of Redwire in the 2nd quarter valued at $258,000. Finally, State Street Corp raised its position in Redwire by 8.1% in the 3rd quarter. State Street Corp now owns 473,295 shares of the company’s stock valued at $3,252,000 after purchasing an additional 35,519 shares during the last quarter. 8.10% of the stock is owned by hedge funds and other institutional investors.

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.