Redwire (NYSE:RDW) Stock Price Up 6.1% – Here’s Why

Redwire Co. (NYSE:RDW) shares rose 6.1% during mid-day trading on Tuesday . The stock traded as high as $8.76 and last traded at $8.79. Approximately 386,935 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 2,085,392 shares. The stock had previously closed at $8.29.

Wall Street Analysts Forecast Growth

RDW has been the subject of several recent research reports. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of Redwire in a research note on Wednesday, March 12th. B. Riley decreased their target price on Redwire from $27.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, March 12th. Alliance Global Partners reissued a “buy” rating on shares of Redwire in a research report on Tuesday, March 11th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $28.00 price objective on shares of Redwire in a research report on Tuesday, March 11th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.71.

Redwire Stock Performance

The firm has a market capitalization of $645.39 million, a P/E ratio of -7.07 and a beta of 2.33. The stock has a 50 day moving average of $16.35 and a two-hundred day moving average of $13.08.

Insiders Place Their Bets

In other Redwire news, major shareholder Park Lp Genesis II sold 10,115 shares of Redwire stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $24.11, for a total value of $243,872.65. Following the transaction, the insider now directly owns 3,644,566 shares of the company’s stock, valued at $87,870,486.26. The trade was a 0.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 589,213 shares of company stock valued at $12,059,370 in the last quarter. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Redwire

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP acquired a new stake in Redwire during the fourth quarter valued at approximately $33,000. Summit Investment Advisors Inc. boosted its holdings in shares of 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 acquiring an additional 931 shares in the last quarter. Summit Securities Group LLC bought a new stake in Redwire during the 4th quarter worth approximately $63,000. Jones Financial Companies Lllp increased its holdings in Redwire by 45.7% during the 4th quarter. Jones Financial Companies Lllp now owns 4,372 shares of the company’s stock valued at $72,000 after purchasing an additional 1,372 shares in the last quarter. Finally, MetLife Investment Management LLC raised its position in Redwire by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock valued at $97,000 after purchasing an additional 7,921 shares during the last quarter. Institutional investors own 8.10% of the company’s stock.

Redwire Company Profile

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.