Redwire (NYSE:RDW) Shares Gap Down – Here’s Why

Redwire Co. (NYSE:RDW)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $8.54, but opened at $8.23. Redwire shares last traded at $8.87, with a volume of 118,644 shares.

Wall Street Analyst Weigh In

A number of research firms have commented on RDW. Alliance Global Partners reissued a “buy” rating on shares of Redwire in a report on Tuesday, March 11th. Cantor Fitzgerald reiterated an “overweight” rating and set a $28.00 target price on shares of Redwire in a research report on Tuesday, March 11th. B. Riley lowered their price target on Redwire from $27.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, March 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of Redwire in a report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.71.

Redwire Stock Down 5.5 %

The company has a market capitalization of $657.64 million, a P/E ratio of -7.19 and a beta of 2.33. The business has a 50 day moving average of $16.09 and a 200 day moving average of $13.05.

Insider Activity at Redwire

In other Redwire news, major shareholder Park Lp Genesis II sold 10,115 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $24.11, for a total transaction of $243,872.65. Following the completion of the transaction, the insider now owns 3,644,566 shares in the company, valued at $87,870,486.26. This trade represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 516,798 shares of company stock valued at $10,763,141. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Redwire

Several hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in Redwire during the fourth quarter worth approximately $33,000. Summit Investment Advisors Inc. increased its position in shares of 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 purchasing an additional 931 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Redwire during the 4th quarter valued at $63,000. Jones Financial Companies Lllp lifted its position in Redwire by 45.7% in the fourth quarter. Jones Financial Companies Lllp now owns 4,372 shares of the company’s stock worth $72,000 after buying an additional 1,372 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Redwire by 129.1% during the third quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock worth $97,000 after buying an additional 7,921 shares during the period. 8.10% of the stock is currently owned by hedge funds and other 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.