Redwire (NYSE:RDW) Trading 6.6% Higher Following Analyst Upgrade

Shares of Redwire Corporation (NYSE:RDW - Get Free Report) traded up 6.6% during trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $20.00 to $21.00. Canaccord Genuity Group currently has a buy rating on the stock. Redwire traded as high as $18.94 and last traded at $18.66. 1,486,656 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 1,547,552 shares. The stock had previously closed at $17.50.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen cut shares of Redwire from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. Alliance Global Partners reissued a "buy" rating on shares of Redwire in a research report on Monday, May 12th. Truist Financial set a $16.00 price objective on shares of Redwire and gave the stock a "hold" rating in a research report on Thursday, June 26th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price objective on shares of Redwire in a research report on Tuesday, June 24th. Finally, Roth Capital reaffirmed a "buy" rating on shares of Redwire in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Redwire presently has a consensus rating of "Moderate Buy" and an average target price of $19.61.

Institutional Investors Weigh In On Redwire

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP acquired a new stake in Redwire during the 4th quarter worth $33,000. Summit Investment Advisors Inc. raised its stake in Redwire by 64.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company's stock worth $39,000 after acquiring an additional 931 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Redwire during the 4th quarter worth $63,000. KLP Kapitalforvaltning AS acquired a new stake in Redwire during the 1st quarter worth $42,000. Finally, FNY Investment Advisers LLC acquired a new stake in Redwire during the 1st quarter worth $47,000. 8.10% of the stock is currently owned by institutional investors and hedge funds.

Redwire Price Performance

The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of -8.22 and a beta of 2.54. The business's 50 day simple moving average is $15.47 and its 200 day simple moving average is $14.88.

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

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.

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