Redwire (NYSE:RDW) Reaches New 52-Week High – Here’s Why

Redwire Co. (NYSE:RDW)’s stock price reached a new 52-week high on Monday . The stock traded as high as $9.07 and last traded at $9.03, with a volume of 146540 shares traded. The stock had previously closed at $8.52.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RDW. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.00 price target on shares of Redwire in a report on Monday, September 30th. Alliance Global Partners lifted their price objective on shares of Redwire from $7.00 to $8.25 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Finally, B. Riley raised Redwire from a “neutral” rating to a “buy” rating and set a $8.00 price objective for the company in a research report on Friday, August 9th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $7.65.

Redwire Trading Down 2.2 %

The business has a 50-day moving average price of $6.88 and a 200-day moving average price of $6.01. The stock has a market cap of $583.65 million, a PE ratio of -12.36 and a beta of 1.96.

Redwire (NYSE:RDW) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.15). The firm had revenue of $78.11 million for the quarter, compared to analysts’ expectations of $66.86 million. Equities analysts expect that Redwire Co. will post -0.87 earnings per share for the current year.

Institutional Investors Weigh In On Redwire

Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in Redwire by 496.1% in the second quarter. Bank of New York Mellon Corp now owns 71,340 shares of the company’s stock valued at $512,000 after acquiring an additional 59,372 shares in the last quarter. LJI Wealth Management LLC purchased a new stake in shares of Redwire during the second quarter worth approximately $258,000. Squarepoint Ops LLC lifted its holdings in shares of Redwire by 59.4% during the second quarter. Squarepoint Ops LLC now owns 71,236 shares of the company’s stock worth $511,000 after purchasing an additional 26,543 shares during the period. SG Americas Securities LLC acquired a new position in Redwire in the 1st quarter valued at $59,000. Finally, Rhumbline Advisers increased its stake in shares of Redwire by 64.7% during the second quarter. Rhumbline Advisers now owns 32,335 shares of the company’s stock worth $232,000 after acquiring an additional 12,703 shares during the period. 8.10% of the stock is 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.