Redwire (NYSE:RDW) Shares Up 17.5% - Here's What Happened

Redwire Co. (NYSE:RDW - Get Free Report) shares rose 17.5% on Monday . The company traded as high as $20.66 and last traded at $21.69. Approximately 834,308 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 1,175,198 shares. The stock had previously closed at $18.45.

Wall Street Analyst Weigh In

RDW has been the topic of a number of research reports. Alliance Global Partners restated a "buy" rating on shares of Redwire in a report on Monday, May 12th. Wall Street Zen upgraded Redwire from a "strong sell" rating to a "hold" rating in a report on Thursday, May 22nd. B. Riley dropped their price objective on Redwire from $27.00 to $25.00 and set a "neutral" rating on the stock in a report on Wednesday, March 12th. Cantor Fitzgerald restated an "overweight" rating and issued a $28.00 price objective on shares of Redwire in a report on Tuesday, March 11th. Finally, HC Wainwright restated a "buy" rating and issued a $26.00 price objective on shares of Redwire in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $20.05.

Redwire Price Performance

The firm has a fifty day simple moving average of $12.42 and a 200 day simple moving average of $14.39. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -15.98 and a beta of 2.53.

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

Hedge Funds Weigh In On Redwire

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its holdings in Redwire by 72.7% during the fourth quarter. Bank of America Corp DE now owns 39,717 shares of the company's stock valued at $654,000 after purchasing an additional 16,715 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Redwire in the fourth quarter valued at approximately $1,398,000. Andar Capital Management HK Ltd bought a new stake in shares of Redwire in the fourth quarter valued at approximately $3,621,000. Northern Trust Corp boosted its position in shares of Redwire by 18.2% in the fourth quarter. Northern Trust Corp now owns 243,977 shares of the company's stock valued at $4,016,000 after acquiring an additional 37,522 shares during the period. Finally, Barclays PLC boosted its position in shares of Redwire by 6.5% in the fourth quarter. Barclays PLC now owns 1,258,366 shares of the company's stock valued at $20,713,000 after acquiring an additional 77,228 shares during the period. 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.