Redwire (NYSE:RDW) Shares Gap Down – Here’s Why

Redwire Co. (NYSE:RDW) shares gapped down prior to trading on Tuesday . The stock had previously closed at $11.26, but opened at $9.55. Redwire shares last traded at $10.01, with a volume of 564,558 shares trading hands.

Analyst Upgrades and Downgrades

RDW has been the subject of a number of research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $28.00 price objective on shares of Redwire in a research report on Tuesday. HC Wainwright increased their price target on Redwire from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Finally, B. Riley raised Redwire from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $9.50 to $27.00 in a research note on Monday, January 27th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $18.04.

Redwire Stock Performance

The stock’s 50-day moving average is $18.45 and its 200 day moving average is $12.66. The firm has a market cap of $684.04 million, a P/E ratio of -8.50 and a beta of 2.33.

Insider Transactions at Redwire

In other news, major shareholder Park Lp Genesis II sold 89,870 shares of the stock in a transaction that occurred on 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 owns 4,603,427 shares of the company’s stock, valued at approximately $78,212,224.73. This represents a 1.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 684,454 shares of company stock valued at $13,682,993 in the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Redwire

Several institutional investors and hedge funds have recently made changes to their positions in RDW. Quarry LP acquired a new position in Redwire in the 4th quarter valued at $33,000. Summit Investment Advisors Inc. raised its stake in Redwire by 64.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company’s stock worth $39,000 after purchasing an additional 931 shares in the last quarter. Summit Securities Group LLC bought a new stake in Redwire in the 4th quarter valued at about $63,000. Jones Financial Companies Lllp grew its position in shares of Redwire by 45.7% during the 4th quarter. Jones Financial Companies Lllp now owns 4,372 shares of the company’s stock worth $72,000 after purchasing an additional 1,372 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Redwire by 129.1% during the third quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock worth $97,000 after purchasing an additional 7,921 shares during the period. Institutional investors and hedge funds 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.