Redwire (NYSE:RDW) Shares Gap Down – What’s Next?

Redwire Co. (NYSE:RDW)’s share price 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

Several equities analysts recently weighed in on the stock. B. Riley raised shares of Redwire from a “neutral” rating to a “buy” rating and raised their price objective for the company from $9.50 to $27.00 in a research report on Monday, January 27th. Cantor Fitzgerald reissued an “overweight” rating and set a $28.00 target price on shares of Redwire in a research report on Tuesday. Finally, HC Wainwright lifted their price objective on Redwire from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, January 22nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $18.04.

Redwire Price Performance

The business has a 50 day moving average of $18.45 and a 200 day moving average of $12.66. The firm has a market capitalization of $684.04 million, a price-to-earnings ratio of -8.50 and a beta of 2.33.

Insider Activity

In related news, major shareholder Park Lp Genesis II sold 89,870 shares of the stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $16.99, for a total transaction of $1,526,891.30. Following the completion of the sale, the insider now owns 4,603,427 shares in the company, valued at $78,212,224.73. This trade represents a 1.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders have sold 684,454 shares of company stock worth $13,682,993. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Redwire

Several hedge funds have recently modified their holdings of the company. Penserra Capital Management LLC increased its holdings in Redwire by 16.5% during the 3rd quarter. Penserra Capital Management LLC now owns 74,626 shares of the company’s stock valued at $512,000 after purchasing an additional 10,558 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Redwire by 129.1% in the third 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 last quarter. Stifel Financial Corp acquired a new position in Redwire during the 3rd quarter worth about $139,000. State Street Corp grew its holdings in Redwire by 8.1% during the 3rd quarter. State Street Corp now owns 473,295 shares of the company’s stock worth $3,252,000 after acquiring an additional 35,519 shares during the last quarter. Finally, Barclays PLC increased its position in Redwire by 55.8% in the 3rd quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock valued at $8,115,000 after acquiring an additional 422,854 shares in the last quarter. Institutional investors and hedge funds 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.