Redwire (NYSE:RDW) Trading 9.6% Higher - Here's Why

Redwire Corporation (NYSE:RDW - Get Free Report) shares shot up 9.6% during mid-day trading on Thursday . The stock traded as high as $17.20 and last traded at $17.55. 2,020,786 shares were traded during trading, an increase of 47% from the average session volume of 1,376,948 shares. The stock had previously closed at $16.02.

Wall Street Analysts Forecast Growth

RDW has been the subject of a number of analyst reports. Wall Street Zen downgraded Redwire from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Truist Financial set a $16.00 target price on Redwire and gave the stock a "hold" rating in a research note on Thursday. Cantor Fitzgerald reissued an "overweight" rating and set a $28.00 price target on shares of Redwire in a report on Tuesday, March 11th. Roth Capital reaffirmed a "buy" rating on shares of Redwire in a research note on Tuesday. Finally, HC Wainwright reiterated a "buy" rating and set a $26.00 price target on shares of Redwire in a report on Tuesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.38.

Redwire Stock Up 6.0%

The company has a market cap of $2.42 billion, a P/E ratio of -7.51 and a beta of 2.53. The firm's 50 day moving average is $13.83 and its two-hundred day moving average is $14.61.

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, hitting 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. As a group, research analysts forecast that Redwire Corporation will post -0.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Redwire

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP bought a new position in shares of Redwire in the 4th quarter worth about $33,000. Summit Investment Advisors Inc. grew its stake 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 purchasing an additional 931 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Redwire in the first quarter worth approximately $42,000. FNY Investment Advisers LLC acquired a new position in Redwire in the first quarter valued at approximately $47,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Redwire by 69,077.8% during the 1st quarter. GAMMA Investing LLC now owns 6,226 shares of the company's stock worth $52,000 after buying an additional 6,217 shares in the last quarter. Institutional investors and hedge funds own 8.10% of the company's stock.

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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