Redwire (NYSE:RDW) Reaches New 1-Year High – Here’s Why

Shares of Redwire Co. (NYSE:RDW) hit a new 52-week high on Tuesday . The stock traded as high as $18.79 and last traded at $18.17, with a volume of 1641395 shares trading hands. The stock had previously closed at $14.75.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. HC Wainwright restated a “buy” rating and set a $18.00 price target on shares of Redwire in a research note on Wednesday, December 11th. B. Riley downgraded shares of Redwire from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $8.00 to $9.50 in a research report on Tuesday, October 29th. Roth Mkm lifted their target price on shares of Redwire from $10.00 to $13.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $6.00 price target on shares of Redwire in a report on Monday, September 30th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $10.13.

Redwire Stock Performance

The company has a market capitalization of $1.31 billion, a PE ratio of -16.22 and a beta of 2.17. The firm’s 50-day simple moving average is $13.86 and its 200 day simple moving average is $9.47.

Insider Buying and Selling

In other Redwire news, major shareholder Park Lp Genesis II sold 100,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $18.02, for a total value of $1,802,000.00. Following the sale, the insider now owns 4,322,853 shares of the company’s stock, valued at approximately $77,897,811.06. This represents a 2.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 267,656 shares of company stock valued at $4,721,852. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp increased its stake 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 worth $512,000 after purchasing an additional 59,372 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Redwire by 64.7% in 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 last quarter. Squarepoint Ops LLC lifted its position in shares of Redwire by 59.4% in the second quarter. Squarepoint Ops LLC now owns 71,236 shares of the company’s stock valued at $511,000 after acquiring an additional 26,543 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Redwire during the second quarter valued at $89,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Redwire during the 2nd quarter worth about $74,000. 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.