Redwire (NYSE:RDW) Sees Unusually-High Trading Volume - Here's What Happened

Shares of Redwire Corporation (NYSE:RDW - Get Free Report) saw strong trading volume on Tuesday . 4,776,784 shares were traded during mid-day trading, an increase of 282% from the previous session's volume of 1,249,930 shares.The stock last traded at $16.96 and had previously closed at $20.57.

Wall Street Analyst Weigh In

RDW has been the subject of a number of recent research reports. B. Riley dropped their target price on Redwire from $27.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, March 12th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $28.00 price objective on shares of Redwire in a research report on Tuesday, March 11th. Wall Street Zen lowered shares of Redwire from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Alliance Global Partners reaffirmed a "buy" rating on shares of Redwire in a research note on Monday, May 12th. Finally, HC Wainwright restated 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 sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $20.05.

Redwire Trading Down 4.1%

The firm has a 50-day moving average of $13.45 and a 200 day moving average of $14.56.

Redwire (NYSE:RDW - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). The firm had revenue of $61.40 million during the quarter, compared to analyst estimates of $74.54 million. Equities analysts predict that Redwire Corporation will post -0.85 EPS for the current fiscal year.

Institutional Trading of Redwire

Several hedge funds and other institutional investors have recently modified their holdings of RDW. Vanguard Group Inc. increased its position in Redwire by 8.4% during the fourth quarter. Vanguard Group Inc. now owns 1,310,660 shares of the company's stock worth $21,573,000 after acquiring an additional 101,620 shares during the period. Barclays PLC lifted its stake in Redwire by 6.5% during the fourth quarter. Barclays PLC now owns 1,258,366 shares of the company's stock worth $20,713,000 after purchasing an additional 77,228 shares during the last quarter. Federated Hermes Inc. lifted its position in shares of Redwire by 165.7% during the 4th quarter. Federated Hermes Inc. now owns 498,275 shares of the company's stock worth $8,202,000 after buying an additional 310,769 shares during the last quarter. LBP AM SA lifted its holdings in shares of Redwire by 24.8% in the first quarter. LBP AM SA now owns 496,230 shares of the company's stock worth $4,114,000 after acquiring an additional 98,616 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Redwire by 352.8% in the first quarter. Goldman Sachs Group Inc. now owns 355,265 shares of the company's stock valued at $2,945,000 after buying an additional 276,814 shares in the last quarter. Institutional investors 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.