Redwire (NYSE:RDW) Shares Up 7% – Here’s Why

Shares of Redwire Co. (NYSE:RDW) were up 7% on Thursday . The company traded as high as $13.45 and last traded at $13.34. Approximately 66,006 shares were traded during trading, a decline of 83% from the average daily volume of 395,284 shares. The stock had previously closed at $12.47.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RDW shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.00 price target on shares of Redwire in a report on Monday, September 30th. Roth Mkm raised their target price on shares of Redwire from $10.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Redwire in a research note on Wednesday, December 11th. Finally, B. Riley downgraded shares of Redwire from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $8.00 to $9.50 in a research report on Tuesday, October 29th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Redwire currently has an average rating of “Moderate Buy” and an average target price of $10.13.

Redwire Price Performance

The firm has a market capitalization of $924.25 million, a P/E ratio of -11.48 and a beta of 2.25. The business’s 50-day moving average is $10.77 and its 200 day moving average is $8.02.

Hedge Funds Weigh In On Redwire

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company bought a new position in shares of Redwire in the second quarter worth $74,000. Vontobel Holding Ltd. acquired a new stake in Redwire during the third quarter worth about $74,000. AQR Capital Management LLC acquired a new stake in Redwire during the second quarter worth about $89,000. MetLife Investment Management LLC increased its holdings 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 buying an additional 7,921 shares during the period. Finally, SG Americas Securities LLC raised its position in shares of Redwire by 17.2% in the 2nd quarter. SG Americas Securities LLC now owns 15,670 shares of the company’s stock valued at $112,000 after buying an additional 2,296 shares in the last quarter. 8.10% of the stock is owned by institutional investors and hedge funds.

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.