Redwire (NYSE:RDW) Shares Gap Down - Here's What Happened

Shares of Redwire Co. (NYSE:RDW - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $8.54, but opened at $8.23. Redwire shares last traded at $8.87, with a volume of 118,644 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $28.00 price target on shares of Redwire in a research note on Tuesday, March 11th. HC Wainwright reiterated a "buy" rating and issued a $26.00 target price on shares of Redwire in a research report on Wednesday, March 12th. Alliance Global Partners restated a "buy" rating on shares of Redwire in a research report on Tuesday, March 11th. Finally, B. Riley cut their price objective on shares of Redwire from $27.00 to $25.00 and set a "neutral" rating for the company in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Redwire presently has an average rating of "Moderate Buy" and a consensus price target of $17.71.

Redwire Trading Up 1.2 %

The firm has a market cap of $574.35 million, a price-to-earnings ratio of -6.30 and a beta of 2.51. The stock's fifty day moving average price is $15.81 and its 200-day moving average price is $13.15.

Insiders Place Their Bets

In related news, major shareholder Park Lp Genesis II sold 10,115 shares of the business's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $24.11, for a total value of $243,872.65. Following the sale, the insider now directly owns 3,644,566 shares in the company, valued at approximately $87,870,486.26. The trade was a 0.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 416,798 shares of company stock valued at $8,961,141 over the last quarter. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Redwire

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Redwire by 8.4% during the 4th quarter. Vanguard Group Inc. now owns 1,310,660 shares of the company's stock worth $21,573,000 after purchasing an additional 101,620 shares during the period. Barclays PLC boosted its position in shares of Redwire by 6.5% during the fourth quarter. Barclays PLC now owns 1,258,366 shares of the company's stock worth $20,713,000 after buying an additional 77,228 shares during the period. Geode Capital Management LLC boosted its position in shares of Redwire by 6.3% during the third quarter. Geode Capital Management LLC now owns 523,743 shares of the company's stock worth $3,599,000 after buying an additional 30,963 shares during the period. Federated Hermes Inc. grew its stake in shares of Redwire by 165.7% in the fourth quarter. Federated Hermes Inc. now owns 498,275 shares of the company's stock valued at $8,202,000 after buying an additional 310,769 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Redwire by 8.1% in the 3rd quarter. State Street Corp now owns 473,295 shares of the company's stock valued at $3,252,000 after buying an additional 35,519 shares during the period. 8.10% of the stock is currently owned by institutional investors and hedge funds.

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.