Redwire (NYSE:RDW) Shares Gap Down - Here's What Happened

Redwire Co. (NYSE:RDW - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $19.32, but opened at $18.48. Redwire shares last traded at $19.98, with a volume of 1,206,676 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RDW shares. Cantor Fitzgerald reissued an "overweight" rating and issued a $28.00 target price on shares of Redwire in a research report on Tuesday, March 11th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 target price on shares of Redwire in a research report on Wednesday, March 12th. Alliance Global Partners reissued a "buy" rating on shares of Redwire in a report on Monday, May 12th. Wall Street Zen cut shares of Redwire from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, B. Riley lowered their price target on shares of Redwire from $27.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, March 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.05.

Redwire Stock Performance

The company has a market cap of $1.47 billion, a P/E ratio of -15.77 and a beta of 2.53. The stock's fifty day moving average price is $12.42 and its two-hundred day moving average price is $14.39.

Redwire (NYSE:RDW - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). The firm had revenue of $61.40 million for the quarter, compared to analyst estimates of $74.54 million. On average, equities research analysts forecast that Redwire Co. will post -0.85 EPS for the current year.

Hedge Funds Weigh In On Redwire

Several large investors have recently modified their holdings of RDW. Van ECK Associates Corp purchased a new position in Redwire during the fourth quarter valued at approximately $1,151,000. Wolverine Asset Management LLC grew its position in Redwire by 332.2% during the 4th quarter. Wolverine Asset Management LLC now owns 15,546 shares of the company's stock valued at $256,000 after purchasing an additional 11,949 shares during the last quarter. Bank of New York Mellon Corp grew its position in Redwire by 6.9% during the 4th quarter. Bank of New York Mellon Corp now owns 52,170 shares of the company's stock valued at $859,000 after purchasing an additional 3,357 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Redwire during the 4th quarter valued at about $278,000. Finally, US Bancorp DE bought a new position in shares of Redwire in the 4th quarter worth approximately $119,000. Hedge funds and other 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.