Redwire (NYSE:RDW) Shares Gap Up – Still a Buy?

Redwire Co. (NYSE:RDW) shares gapped up before the market opened on Wednesday . The stock had previously closed at $9.43, but opened at $10.19. Redwire shares last traded at $10.40, with a volume of 326,302 shares changing hands.

Wall Street Analysts Forecast Growth

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

Redwire Stock Performance

The stock’s 50 day simple moving average is $11.47 and its two-hundred day simple moving average is $13.31. The firm has a market capitalization of $830.55 million, a PE ratio of -9.08 and a beta of 2.51.

Insider Buying and Selling

In other Redwire news, major shareholder Park Lp Genesis II sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $23.20, for a total value of $1,160,000.00. Following the completion of the sale, the insider now directly owns 3,754,041 shares of the company’s stock, valued at $87,093,751.20. This trade represents a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders have sold 166,798 shares of company stock worth $3,827,641. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RDW. Barclays PLC raised its stake in Redwire by 55.8% during the third quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock worth $8,115,000 after purchasing an additional 422,854 shares during the period. Federated Hermes Inc. increased its holdings in shares of Redwire by 165.7% during the 4th quarter. Federated Hermes Inc. now owns 498,275 shares of the company’s stock worth $8,202,000 after buying an additional 310,769 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Redwire during the 4th quarter valued at approximately $4,830,000. EAM Global Investors LLC purchased a new stake in shares of Redwire during the 4th quarter valued at approximately $4,689,000. Finally, Andar Capital Management HK Ltd acquired a new position in Redwire in the fourth quarter valued at approximately $3,621,000. Institutional investors and hedge funds 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.