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

Redwire Co. (NYSE:RDW - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $14.84, but opened at $15.40. Redwire shares last traded at $16.91, with a volume of 2,117,002 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. B. Riley reduced their price objective on shares of Redwire from $27.00 to $25.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 12th. Wall Street Zen raised shares of Redwire from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $28.00 price objective on shares of Redwire in a research note on Tuesday, March 11th. Alliance Global Partners reaffirmed a "buy" rating on shares of Redwire in a research note on Monday, May 12th. Finally, HC Wainwright reiterated a "buy" rating and set a $26.00 target price on shares of Redwire in a research report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Redwire currently has an average rating of "Moderate Buy" and a consensus target price of $20.05.

Redwire Trading Up 4.5%

The stock's 50-day moving average is $11.33 and its 200-day moving average is $14.15. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -14.71 and a beta of 2.53.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of RDW. Quarry LP acquired a new position in Redwire during the fourth quarter worth $33,000. Summit Investment Advisors Inc. raised its holdings in shares of Redwire by 64.2% in the fourth 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. KLP Kapitalforvaltning AS purchased a new stake in shares of Redwire in the first quarter valued at about $42,000. FNY Investment Advisers LLC purchased a new stake in shares of Redwire in the first quarter valued at about $47,000. Finally, GAMMA Investing LLC raised its holdings in shares of Redwire by 69,077.8% in the first quarter. GAMMA Investing LLC now owns 6,226 shares of the company's stock valued at $52,000 after purchasing an additional 6,217 shares during the last quarter. Institutional investors and hedge funds 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.