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

Redwire Co. (NYSE:RDW - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $16.42, but opened at $15.49. Redwire shares last traded at $14.55, with a volume of 458,468 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RDW. Roth Mkm increased their price objective on shares of Redwire from $10.00 to $13.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. B. Riley upgraded Redwire from a "neutral" rating to a "buy" rating and increased their price target for the stock from $9.50 to $27.00 in a report on Monday, January 27th. HC Wainwright raised their price objective on Redwire from $18.00 to $26.00 and gave the company a "buy" rating in a research note on Wednesday, January 22nd. Finally, Cantor Fitzgerald began coverage on Redwire in a research report on Friday, January 24th. 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 MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $18.04.

Redwire Stock Performance

The firm has a market capitalization of $927.71 million, a P/E ratio of -11.52 and a beta of 2.23. The firm has a 50 day simple moving average of $18.88 and a two-hundred day simple moving average of $12.25.

Insider Activity at Redwire

In other news, major shareholder Park Lp Genesis II sold 10,115 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $24.11, for a total value of $243,872.65. Following the completion of the transaction, the insider now directly owns 3,644,566 shares of the company's stock, valued at $87,870,486.26. This represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 684,454 shares of company stock valued at $13,682,993 over the last ninety days. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new stake in shares of Redwire during the 4th quarter valued at $33,000. Summit Investment Advisors Inc. grew its position in Redwire by 64.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company's stock valued at $39,000 after buying an additional 931 shares during the period. Summit Securities Group LLC purchased a new stake in Redwire during the fourth quarter worth about $63,000. Jones Financial Companies Lllp raised its position in Redwire by 45.7% in the fourth quarter. Jones Financial Companies Lllp now owns 4,372 shares of the company's stock worth $72,000 after acquiring an additional 1,372 shares during the period. Finally, US Bancorp DE purchased a new position in Redwire in the fourth quarter valued at about $119,000. 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.