Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
Genesis Park II LP, a significant shareholder in Redwire Corp (NYSE:RDW), recently sold a substantial portion of its holdings in the company. The transactions, which took place on January 23 and 24, involved the sale of 153,448 shares of Redwire Corp's common stock, amounting to approximately $3.37 million. The shares were sold at prices ranging from $21.9172 to $22.0179 per share. The sale comes amid Redwire's remarkable performance, with the stock surging 44% in the past week and 642% over the last year. With a market capitalization of $1.42 billion, Redwire has caught analysts' attention, with price targets ranging from $21 to $30.
Following these transactions, Genesis Park II LP retains ownership of 3,954,041 shares in Redwire Corp. The sales were executed by Genesis Park II LP, with Genesis Park II GP LLC acting as the general partner, holding voting and investment discretion over the securities. According to InvestingPro, Redwire shows significant price momentum and volatility metrics, with 14+ additional exclusive insights available to subscribers, including detailed valuation analysis and growth projections.
In other recent news, Redwire Corporation has been in the spotlight following its strategic acquisition of Edge Autonomy, a company specializing in uncrewed airborne systems, valued at $925 million. Analysts from B.Riley upgraded Redwire's stock rating from Neutral to Buy, raising the price target from $9.50 to $27.00, citing the expected impact of the acquisition as the reason for the adjustment. Cantor Fitzgerald and Jefferies also maintained their positive ratings on Redwire post-acquisition.
Financially, Redwire reported $222 million in sales and $72 million in EBITDA for the trailing twelve months ending September 30, 2024. The company's full-year revenue forecast stands at $310 million, indicating a 27% growth rate. Additionally, Redwire secured a substantial contract with the Air Force Research Laboratory, valued at $45.5 million over five years.
These recent developments underline Redwire's strategic growth initiatives and robust financial performance. The company's commitment to innovation and strategic acquisitions, coupled with a strong financial outlook, positions it well for future developments in the aerospace sector.
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