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

Redwire Co. (NYSE:RDW - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $24.99, but opened at $26.25. Redwire shares last traded at $25.39, with a volume of 611,788 shares traded.

Analyst Ratings Changes

RDW has been the subject of several research reports. Roth Mkm raised their price target on shares of Redwire from $10.00 to $13.00 and gave the stock a "buy" rating in a report on Friday, November 8th. Cantor Fitzgerald assumed coverage on shares of Redwire in a report on Friday, January 24th. They set an "overweight" rating and a $28.00 price target on the stock. HC Wainwright increased their price objective on Redwire from $18.00 to $26.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Finally, B. Riley upgraded Redwire from a "neutral" rating to a "buy" rating and boosted their target price for the company from $9.50 to $27.00 in a research note on Monday, January 27th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $18.04.

Redwire Price Performance

The stock has a market capitalization of $1.57 billion, a P/E ratio of -19.50 and a beta of 2.23. The stock's fifty day moving average is $17.79 and its 200-day moving average is $11.55.

Insider Buying and Selling at Redwire

In other news, major shareholder Park Lp Genesis II sold 89,870 shares of the firm's stock in a transaction dated 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 sale, the insider now directly owns 4,603,427 shares of the company's stock, valued at approximately $78,212,224.73. This trade represents a 1.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 674,339 shares of company stock worth $13,439,120 over the last 90 days. Insiders own 2.60% of the company's stock.

Institutional Trading of Redwire

Hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Redwire by 4.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,876 shares of the company's stock valued at $212,000 after acquiring an additional 532 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in Redwire during the 4th quarter valued at $4,830,000. Balyasny Asset Management L.P. bought a new stake in Redwire in the 4th quarter valued at $285,000. Bank of America Corp DE grew its position in Redwire by 72.7% in the 4th quarter. Bank of America Corp DE now owns 39,717 shares of the company's stock worth $654,000 after purchasing an additional 16,715 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Redwire during the 4th quarter worth about $234,000. Institutional investors own 8.10% of the company's stock.

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.