Redwire (NYSE:RDW) Stock Price Up 5.6% - Here's Why

Redwire Corporation (NYSE:RDW - Get Free Report) shares traded up 5.6% during trading on Friday . The company traded as high as $16.97 and last traded at $16.53. 2,635,174 shares were traded during trading, an increase of 78% from the average session volume of 1,482,137 shares. The stock had previously closed at $15.65.

Analyst Ratings Changes

A number of research firms recently commented on RDW. Roth Capital reiterated a "buy" rating on shares of Redwire in a report on Tuesday, June 24th. Wall Street Zen cut Redwire from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Truist Financial set a $16.00 price objective on shares of Redwire and gave the stock a "hold" rating in a research note on Thursday, June 26th. Alliance Global Partners restated a "buy" rating on shares of Redwire in a report on Monday, May 12th. Finally, Canaccord Genuity Group initiated coverage on shares of Redwire in a report on Wednesday. They issued a "buy" rating and a $20.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Redwire presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.46.

Redwire Trading Up 9.4%

The stock has a market cap of $2.44 billion, a P/E ratio of -7.66 and a beta of 2.54. The stock has a 50 day simple moving average of $15.00 and a 200 day simple moving average of $14.85.

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

Hedge Funds Weigh In On Redwire

Institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Redwire by 4.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,876 shares of the company's stock worth $212,000 after purchasing an additional 532 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Redwire by 7.8% during the fourth quarter. JPMorgan Chase & Co. now owns 10,854 shares of the company's stock valued at $179,000 after acquiring an additional 782 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Redwire by 64.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company's stock worth $39,000 after acquiring an additional 931 shares during the period. Gabelli Funds LLC boosted its position in Redwire by 7.4% in the first quarter. Gabelli Funds LLC now owns 18,871 shares of the company's stock worth $156,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in Redwire by 45.7% in the 4th quarter. Jones Financial Companies Lllp now owns 4,372 shares of the company's stock valued at $72,000 after purchasing an additional 1,372 shares during the period. 8.10% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.