Redwire (NYSE:RDW) Stock Price Up 6.6% Following Analyst Upgrade

Redwire Corporation (NYSE:RDW - Get Free Report)'s share price rose 6.6% during trading on Thursday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock traded as high as $18.94 and last traded at $18.66. Approximately 1,486,656 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 1,547,552 shares. The stock had previously closed at $17.50.

A number of other analysts have also recently commented on RDW. Alliance Global Partners restated 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. Roth Capital reissued a "buy" rating on shares of Redwire in a research note on Tuesday, June 24th. Canaccord Genuity Group lifted their price objective on shares of Redwire from $20.00 to $21.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, HC Wainwright reaffirmed a "buy" rating and set a $26.00 target price on shares of Redwire in a research note on Tuesday, June 24th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $19.61.

Institutional Trading of Redwire

Several institutional investors and hedge funds have recently bought and sold shares of RDW. Quarry LP acquired a new position in Redwire in the fourth quarter valued at approximately $33,000. Summit Investment Advisors Inc. lifted its stake in 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 buying an additional 931 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Redwire during the fourth quarter worth approximately $63,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Redwire during the first quarter worth approximately $42,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Redwire during the first quarter worth approximately $47,000. 8.10% of the stock is currently owned by hedge funds and other institutional investors.

Redwire Price Performance

The company has a 50 day moving average price of $15.78 and a 200 day moving average price of $14.88. The firm has a market cap of $2.77 billion, a PE ratio of -8.58 and a beta of 2.54.

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

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.