Genesis Park II LP, a significant shareholder in Redwire Corp (NYSE:RDW), has sold $250,860 worth of the company's common stock. The transaction, dated December 2, 2024, involved the sale of 16,717 shares at a weighted average price of approximately $15.0063 per share. These shares were sold in multiple transactions at prices ranging from $15 to $15.1475 each. The sale price was near the stock's 52-week high of $15.25, coming after an impressive 391% return over the past year. According to InvestingPro data, analysts maintain price targets ranging from $6 to $18 for the stock. Following this sale, Genesis Park II LP retains ownership of 4,693,297 shares in Redwire Corp, representing a significant position in the $873 million market cap company. Genesis Park II GP LLC, as the general partner of Genesis Park II LP, is considered to have shared beneficial ownership of the securities. Track insider transactions and access 10+ additional key insights about RDW with a subscription to InvestingPro.
In other recent news, Redwire Space reported a 9.6% revenue increase in the third quarter of 2024, reaching $68.6 million. The company also announced the acquisition of Harith Systems, a strategic move expected to bolster both revenue and capabilities in national security missions. These developments are part of the company's broader growth initiatives, as outlined by CEO Peter Cannito.
Redwire Space reaffirmed its full-year revenue forecast at $310 million, indicating a 27% growth rate, with 76% of the target achieved year-to-date. The company also highlighted a 170% year-over-year increase in contracted iROSA wings and significant milestones achieved in drug discovery through the Pillbox space pharmaceutical platform.
Analysts noted that despite positive revenue growth, Redwire experienced a significant use of cash in operating activities and negative free cash flow. However, the company's management expressed optimism about future growth and operational efficiency into 2025, with a focus on larger contracts to enhance revenue and free cash flow. These recent developments underscore Redwire Space's commitment to strategic growth and financial performance.
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