Redwire Co. (NYSE:RDW) Sees Large Growth in Short Interest

Redwire Co. (NYSE:RDW) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 4,520,000 shares, a growth of 24.2% from the February 28th total of 3,640,000 shares. Approximately 17.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,010,000 shares, the short-interest ratio is presently 2.2 days.

Redwire Stock Performance

RDW traded up $0.67 on Wednesday, reaching $9.21. 2,057,406 shares of the company’s stock were exchanged, compared to its average volume of 886,439. Redwire has a twelve month low of $3.39 and a twelve month high of $26.66. The company’s 50 day moving average is $16.60 and its 200-day moving average is $13.11. The company has a market cap of $696.03 million, a price-to-earnings ratio of -7.61 and a beta of 2.33.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, major shareholder Park Lp Genesis II sold 10,115 shares of Redwire stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $24.11, for a total transaction of $243,872.65. Following the completion of the sale, the insider now directly owns 3,644,566 shares in the company, valued at $87,870,486.26. The trade was a 0.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 589,213 shares of company stock valued at $12,059,370. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Redwire

A number of hedge funds have recently made changes to their positions in the business. MetLife Investment Management LLC boosted its position in Redwire by 129.1% during the 3rd 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. Stifel Financial Corp acquired a new stake in shares of Redwire in the third quarter valued at about $139,000. State Street Corp raised its holdings in shares of Redwire by 8.1% during the 3rd quarter. State Street Corp now owns 473,295 shares of the company’s stock valued at $3,252,000 after buying an additional 35,519 shares during the period. Barclays PLC lifted its position in Redwire by 55.8% during the 3rd quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock worth $8,115,000 after acquiring an additional 422,854 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Redwire by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 523,743 shares of the company’s stock worth $3,599,000 after acquiring an additional 30,963 shares during the period. Hedge funds and other institutional investors 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.