B. Riley Securities analyst Mike Crawford downgraded his rating on Jacksonville-based space technology company Redwire following a big run-up in the stock this year.
“We are increasing our PT (price target) from $8.00 to $9.50 but downgrading Redwire Corporation from Buy to Neutral given limited near-term upside to our raised PT, as shares have surged +78% since we upgraded the stock from Neutral to Buy on 8/8, bringing YTD performance for Redwire shares to +210%,” Crawford said in an Oct. 29 research note.
“While we are taking a step back on the stock heading into 3Q earnings, we note that we are prepared to revisit our PT and rating depending on how well Redwire continues to execute and to what extent the company successfully converts bids and pipeline into new orders and backlog,” he said.
Redwire was trading at $9.19 at the time of Crawford’s report.