Redwire (NYSE:RDW) Stock Price Up 7.5% – Here’s Why

Shares of Redwire Co. (NYSE:RDW) shot up 7.5% during trading on Monday . The company traded as high as $22.40 and last traded at $22.84. 464,850 shares were traded during trading, a decline of 76% from the average session volume of 1,965,807 shares. The stock had previously closed at $21.24.

Wall Street Analysts Forecast Growth

RDW has been the topic of a number of analyst reports. Roth Mkm upped their target price on shares of Redwire from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 8th. HC Wainwright increased their target price on shares of Redwire from $18.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. B. Riley raised Redwire from a “neutral” rating to a “buy” rating and upped their target price for the company from $9.50 to $27.00 in a report on Monday. Finally, Cantor Fitzgerald initiated coverage on Redwire in a report on Friday. They set an “overweight” rating and a $28.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $18.04.

Redwire Stock Up 6.5 %

The company’s 50-day moving average is $14.78 and its two-hundred day moving average is $9.89. The company has a market capitalization of $1.51 billion, a P/E ratio of -18.86 and a beta of 2.17.

Insider Activity

In related news, major shareholder Park Lp Genesis II sold 5,371 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $18.01, for a total transaction of $96,731.71. Following the completion of the transaction, the insider now owns 4,598,056 shares in the company, valued at $82,810,988.56. This represents a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 417,656 shares of company stock worth $7,663,352. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vontobel Holding Ltd. bought a new stake in shares of Redwire in the 3rd quarter worth approximately $74,000. The Manufacturers Life Insurance Company bought a new position in Redwire in the 2nd quarter worth about $74,000. AQR Capital Management LLC purchased a new stake in Redwire during the 2nd quarter valued at about $89,000. MetLife Investment Management LLC grew its holdings in shares of Redwire by 129.1% during the third quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock valued at $97,000 after buying an additional 7,921 shares during the last quarter. Finally, Stifel Financial Corp purchased a new stake in Redwire during the 3rd quarter valued at $139,000. Institutional investors own 8.10% of the company’s stock.

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.