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

Shares of Redwire Co. (NYSE:RDW - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $8.58, but opened at $7.80. Redwire shares last traded at $8.25, with a volume of 215,229 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently weighed in on RDW shares. Cantor Fitzgerald restated an "overweight" rating and set a $6.00 target price on shares of Redwire in a report on Monday, September 30th. B. Riley cut Redwire from a "buy" rating to a "neutral" rating and upped their target price for the company from $8.00 to $9.50 in a report on Tuesday, October 29th. Finally, Alliance Global Partners raised their target price on Redwire from $7.00 to $8.25 and gave the stock a "buy" rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Redwire has an average rating of "Moderate Buy" and a consensus price target of $7.95.

Redwire Price Performance

The company has a market cap of $582.86 million, a price-to-earnings ratio of -8.74 and a beta of 1.93. The firm has a 50 day simple moving average of $7.28 and a 200-day simple moving average of $6.34.

Redwire (NYSE:RDW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.15). The company had revenue of $78.11 million for the quarter, compared to analysts' expectations of $66.86 million. Research analysts anticipate that Redwire Co. will post -0.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RDW. SG Americas Securities LLC purchased a new stake in shares of Redwire in the 1st quarter valued at $59,000. Vanguard Group Inc. increased its stake in Redwire by 0.3% during the first quarter. Vanguard Group Inc. now owns 1,118,812 shares of the company's stock worth $4,912,000 after purchasing an additional 3,681 shares during the period. DNB Asset Management AS increased its stake in Redwire by 23.9% during the second quarter. DNB Asset Management AS now owns 39,094 shares of the company's stock worth $280,000 after purchasing an additional 7,538 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Redwire by 496.1% during the second quarter. Bank of New York Mellon Corp now owns 71,340 shares of the company's stock worth $512,000 after purchasing an additional 59,372 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Redwire by 64.7% in the second quarter. Rhumbline Advisers now owns 32,335 shares of the company's stock valued at $232,000 after purchasing an additional 12,703 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.

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