Redwire (NYSE:RDW) Stock Price Down 4.4% After Insider Selling

Redwire Co. (NYSE:RDW)’s stock price dropped 4.4% on Tuesday after an insider sold shares in the company. The company traded as low as $16.71 and last traded at $16.88. Approximately 752,866 shares changed hands during trading, an increase of 78% from the average daily volume of 421,867 shares. The stock had previously closed at $17.65.

Specifically, major shareholder Park Lp Genesis II sold 5,371 shares of the company’s 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 completion of the transaction, the insider now directly owns 4,598,056 shares of the company’s stock, valued at approximately $82,810,988.56. This represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Park Lp Genesis II sold 89,870 shares of the firm’s stock in a transaction dated Friday, December 27th. The stock was sold at an average price of $16.99, for a total value of $1,526,891.30. Following the completion of the sale, the insider now directly owns 4,603,427 shares in the company, valued at $78,212,224.73. The trade was a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

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

Redwire Trading Down 6.7 %

The company’s 50 day moving average is $11.99 and its 200-day moving average is $8.62. The company has a market capitalization of $1.10 billion, a P/E ratio of -13.60 and a beta of 2.25.

Hedge Funds Weigh In On Redwire

A number of institutional investors and hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company bought a new stake in shares of Redwire in the 2nd quarter worth approximately $74,000. Vontobel Holding Ltd. bought a new stake in Redwire in the third quarter worth $74,000. AQR Capital Management LLC purchased a new stake in shares of Redwire in the second quarter worth $89,000. MetLife Investment Management LLC grew its stake in shares of Redwire by 129.1% in the third quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock worth $97,000 after acquiring an additional 7,921 shares during the last quarter. Finally, Stifel Financial Corp purchased a new position in shares of Redwire in the 3rd quarter worth about $139,000. Institutional investors own 8.10% of the company’s stock.

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.