Redwire (NYSE:RDW) Trading 17.5% Higher – Here’s What Happened

Shares of Redwire Co. (NYSE:RDW) were up 17.5% during trading on Monday . The stock traded as high as $20.66 and last traded at $21.69. Approximately 834,308 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 1,175,198 shares. The stock had previously closed at $18.45.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RDW shares. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of Redwire in a report on Wednesday, March 12th. Wall Street Zen raised Redwire from a “strong sell” rating to a “hold” rating in a research note on Thursday, May 22nd. B. Riley dropped 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. Alliance Global Partners reaffirmed a “buy” rating on shares of Redwire in a research report on Monday, May 12th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $28.00 price target on shares of Redwire in a research note on Tuesday, March 11th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.05.

Redwire Stock Up 7.1%

The stock has a market cap of $1.52 billion, a P/E ratio of -16.26 and a beta of 2.53. The business’s 50-day simple moving average is $11.53 and its two-hundred day simple moving average is $14.23.

Redwire (NYSE:RDW) last announced its quarterly earnings results on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). The firm had revenue of $61.40 million during the quarter, compared to analysts’ expectations of $74.54 million. Analysts anticipate that Redwire Co. will post -0.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Redwire

Large investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in Redwire during the fourth quarter valued at about $33,000. Summit Investment Advisors Inc. boosted its position in Redwire by 64.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company’s stock valued at $39,000 after buying an additional 931 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Redwire during the first quarter worth about $42,000. FNY Investment Advisers LLC purchased a new position in shares of Redwire during the first quarter valued at approximately $47,000. Finally, GAMMA Investing LLC lifted its position in shares of Redwire by 69,077.8% in the 1st quarter. GAMMA Investing LLC now owns 6,226 shares of the company’s stock worth $52,000 after purchasing an additional 6,217 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.