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

Redwire Co. (NYSE:RDW - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $11.05, but opened at $10.69. Redwire shares last traded at $10.57, with a volume of 166,273 shares.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RDW. Cantor Fitzgerald reissued an "overweight" rating and issued a $28.00 target price on shares of Redwire in a research report on Tuesday, March 11th. HC Wainwright reissued a "buy" rating and set a $26.00 price target on shares of Redwire in a research report on Wednesday, March 12th. Alliance Global Partners reissued a "buy" rating on shares of Redwire in a report on Tuesday, March 11th. Finally, B. Riley decreased their target price on shares of Redwire from $27.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, March 12th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.71.

Redwire Trading Up 10.5 %

The company has a market cap of $713.41 million, a PE ratio of -7.80 and a beta of 2.33. The firm's fifty day moving average is $16.60 and its 200 day moving average is $13.11.

Insider Buying and Selling

In related news, major shareholder Park Lp Genesis II sold 10,115 shares of the firm's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $24.11, for a total transaction of $243,872.65. Following the completion of the sale, the insider now directly owns 3,644,566 shares in the company, valued at approximately $87,870,486.26. This trade represents a 0.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 589,213 shares of company stock worth $12,059,370. 2.60% of the stock is owned by insiders.

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Institutional Investors Weigh In On Redwire

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDW. Quarry LP purchased a new stake in shares of Redwire in the 4th quarter valued at $33,000. Summit Investment Advisors Inc. increased its position in shares of Redwire by 64.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company's stock valued at $39,000 after purchasing an additional 931 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Redwire in the fourth quarter valued at $63,000. Jones Financial Companies Lllp lifted its stake in Redwire by 45.7% during the fourth quarter. Jones Financial Companies Lllp now owns 4,372 shares of the company's stock worth $72,000 after purchasing an additional 1,372 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of 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 buying an additional 7,921 shares during the last quarter. Institutional investors and hedge funds 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.