Redwire (NYSE:RDW) Stock Price Up 6.1% – Time to Buy?

Redwire Co. (NYSE:RDW)’s share price rose 6.1% during trading on Wednesday . The company traded as high as $8.23 and last traded at $8.23. Approximately 99,110 shares were traded during trading, a decline of 69% from the average daily volume of 322,900 shares. The stock had previously closed at $7.76.

Analysts Set New Price Targets

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

Redwire Price Performance

The company’s 50-day simple moving average is $6.68 and its 200-day simple moving average is $5.89. The stock has a market capitalization of $560.70 million, a price-to-earnings ratio of -11.72 and a beta of 1.96.

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

Institutional Investors Weigh In On Redwire

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Redwire by 0.3% in the first quarter. Vanguard Group Inc. now owns 1,118,812 shares of the company’s stock valued at $4,912,000 after buying an additional 3,681 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of 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 buying an additional 59,372 shares in the last quarter. Squarepoint Ops LLC raised its position in Redwire by 59.4% during the second quarter. Squarepoint Ops LLC now owns 71,236 shares of the company’s stock valued at $511,000 after purchasing an additional 26,543 shares in the last quarter. DNB Asset Management AS lifted its stake in Redwire by 23.9% during the second quarter. DNB Asset Management AS now owns 39,094 shares of the company’s stock worth $280,000 after purchasing an additional 7,538 shares during the last quarter. Finally, LJI Wealth Management LLC bought a new stake in Redwire during the second quarter worth $258,000. 8.10% of the stock is currently 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.