Redwire (NYSE:RDW) Hits New 1-Year High - Here's Why

Redwire Co. (NYSE:RDW - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $24.52 and last traded at $21.68, with a volume of 3409313 shares traded. The stock had previously closed at $21.24.

Analyst Upgrades and Downgrades

RDW has been the topic of a number of analyst reports. HC Wainwright boosted their price objective on shares of Redwire from $18.00 to $26.00 and gave the company a "buy" rating in a research report on Wednesday, January 22nd. B. Riley upgraded shares of Redwire from a "neutral" rating to a "buy" rating and upped their price target for the company from $9.50 to $27.00 in a report on Monday. Roth Mkm raised their price objective on shares of Redwire from $10.00 to $13.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Finally, Cantor Fitzgerald began coverage on Redwire in a research note on Friday. They set an "overweight" rating and a $28.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $18.04.

Redwire Trading Up 0.5 %

The company has a market capitalization of $1.46 billion, a PE ratio of -18.11 and a beta of 2.17. The firm's 50-day simple moving average is $14.78 and its 200-day simple moving average is $9.89.

Insider Transactions at Redwire

In other Redwire news, major shareholder Park Lp Genesis II sold 100,000 shares of the company's stock in a transaction on Thursday, January 23rd. The stock was sold at an average price of $21.92, for a total transaction of $2,192,000.00. Following the completion of the sale, the insider now owns 4,007,489 shares in the company, valued at $87,844,158.88. This represents a 2.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 517,656 shares of company stock valued at $9,855,352. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Redwire

Several institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC grew its holdings in shares of Redwire by 39.6% during the third quarter. SG Americas Securities LLC now owns 21,870 shares of the company's stock valued at $150,000 after buying an additional 6,200 shares during the last quarter. MetLife Investment Management LLC lifted its position in Redwire by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 14,058 shares of the company's stock worth $97,000 after acquiring an additional 7,921 shares during the period. Arkadios Wealth Advisors purchased a new stake in Redwire during the 4th quarter valued at about $165,000. The Manufacturers Life Insurance Company acquired a new position in shares of Redwire in the second quarter valued at about $74,000. Finally, Penserra Capital Management LLC raised its stake in shares of Redwire by 16.5% in the third quarter. Penserra Capital Management LLC now owns 74,626 shares of the company's stock worth $512,000 after purchasing an additional 10,558 shares during the last quarter. 8.10% of the stock is owned by hedge funds and other 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.