Redwire (NYSE:RDW) Stock Price Up 3.3% – Here’s Why

Shares of Redwire Co. (NYSE:RDW) traded up 3.3% on Wednesday . The company traded as high as $9.36 and last traded at $9.19. 103,809 shares changed hands during trading, a decline of 68% from the average session volume of 327,456 shares. The stock had previously closed at $8.90.

Analysts Set New Price Targets

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

Redwire Price Performance

The company has a market cap of $569.88 million, a P/E ratio of -12.65 and a beta of 1.96. The company’s 50-day moving average is $6.88 and its two-hundred day moving average is $6.01.

Redwire (NYSE:RDW) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.15). The company had revenue of $78.11 million during the quarter, compared to the consensus estimate of $66.86 million. Equities research analysts anticipate that Redwire Co. will post -0.87 EPS for the current year.

Institutional Trading of Redwire

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Redwire by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 1,118,812 shares of the company’s stock worth $4,912,000 after acquiring an additional 3,681 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Redwire by 496.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 71,340 shares of the company’s stock valued at $512,000 after purchasing an additional 59,372 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of Redwire by 59.4% in the 2nd quarter. Squarepoint Ops LLC now owns 71,236 shares of the company’s stock worth $511,000 after buying an additional 26,543 shares in the last quarter. DNB Asset Management AS lifted its holdings in shares of Redwire by 23.9% in the 2nd quarter. DNB Asset Management AS now owns 39,094 shares of the company’s stock valued at $280,000 after acquiring an additional 7,538 shares during the last quarter. Finally, LJI Wealth Management LLC purchased a new position in Redwire in the second quarter worth about $258,000. 8.10% of the stock is currently owned by institutional investors.

Redwire Company Profile

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.