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

Redwire Co. (NYSE:RDW - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $22.33, but opened at $21.20. Redwire shares last traded at $20.07, with a volume of 858,074 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. B. Riley cut Redwire from a "buy" rating to a "neutral" rating and raised their price target for the company from $8.00 to $9.50 in a report on Tuesday, October 29th. Cantor Fitzgerald restated an "overweight" rating and issued a $6.00 price target on shares of Redwire in a research note on Monday, September 30th. Roth Mkm lifted their price objective on shares of Redwire from $10.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Finally, HC Wainwright upped their target price on shares of Redwire from $18.00 to $26.00 and gave the stock a "buy" rating in a research report on Wednesday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Redwire presently has an average rating of "Moderate Buy" and an average target price of $11.46.

Redwire Stock Down 3.0 %

The stock has a market capitalization of $1.44 billion, a PE ratio of -17.90 and a beta of 2.17. The business's fifty day moving average is $14.10 and its two-hundred day moving average is $9.58.

Insider Activity

In related news, major shareholder Park Lp Genesis II sold 89,870 shares of the firm's stock in a transaction on Friday, December 27th. The stock was sold at an average price of $16.99, for a total value of $1,526,891.30. Following the completion of the sale, the insider now directly owns 4,603,427 shares in the company, valued at $78,212,224.73. This trade represents a 1.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders have sold 267,656 shares of company stock worth $4,721,852. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Redwire

Several hedge funds and other institutional investors have recently made changes to their positions in RDW. Harbor Capital Advisors Inc. purchased a new stake in Redwire in the 3rd quarter worth about $623,000. State Street Corp raised its holdings in shares of Redwire by 8.1% in the third quarter. State Street Corp now owns 473,295 shares of the company's stock worth $3,252,000 after buying an additional 35,519 shares during the period. Brookstone Capital Management bought a new stake in shares of Redwire during the 4th quarter worth approximately $329,000. Stifel Financial Corp purchased a new position in Redwire during the 3rd quarter valued at $139,000. Finally, Barclays PLC grew its position in Redwire by 55.8% in the 3rd quarter. Barclays PLC now owns 1,181,138 shares of the company's stock valued at $8,115,000 after acquiring an additional 422,854 shares during the last quarter. Hedge funds and other institutional investors 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.