Redwire (NYSE:RDW) Shares Gap Up – Time to Buy?

Redwire Co. (NYSE:RDW)’s share price gapped up before the market opened on Monday . The stock had previously closed at $10.60, but opened at $11.16. Redwire shares last traded at $11.09, with a volume of 341,149 shares.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RDW. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of Redwire in a report on Wednesday, March 12th. B. Riley cut their price objective on Redwire from $27.00 to $25.00 and set a “neutral” rating for the company in a research report on Wednesday, March 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $28.00 price objective on shares of Redwire in a research note on Tuesday, March 11th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Redwire in a research report on Tuesday, March 11th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.71.

Redwire Trading Up 5.3 %

The company has a market cap of $742.93 million, a P/E ratio of -9.28 and a beta of 2.33. The firm’s fifty day moving average price is $17.90 and its 200-day moving average price is $12.75.

Insider Buying and Selling

In other news, major shareholder Park Lp Genesis II sold 5,371 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $18.01, for a total transaction of $96,731.71. Following the completion of the transaction, the insider now directly owns 4,598,056 shares of the company’s stock, valued at $82,810,988.56. This trade represents a 0.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 684,454 shares of company stock worth $13,682,993 in the last quarter. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Redwire

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP bought a new position in Redwire in the fourth quarter valued at about $33,000. Summit Investment Advisors Inc. boosted its holdings in Redwire by 64.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company’s stock valued at $39,000 after acquiring an additional 931 shares during the last quarter. Summit Securities Group LLC bought a new position in Redwire during the fourth quarter worth $63,000. Jones Financial Companies Lllp grew its stake in Redwire by 45.7% during the fourth 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 during the period. Finally, MetLife Investment Management LLC lifted its position in shares of Redwire by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock valued at $97,000 after acquiring an additional 7,921 shares during the period. 8.10% of the stock is currently 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.