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

Shares of Redwire Co. (NYSE:RDW - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $22.19, but opened at $23.12. Redwire shares last traded at $22.84, with a volume of 461,101 shares traded.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RDW. HC Wainwright lifted their target price on shares of Redwire from $18.00 to $26.00 and gave the company a "buy" rating in a research report on Wednesday, January 22nd. B. Riley raised shares of Redwire from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $9.50 to $27.00 in a report on Monday, January 27th. Roth Mkm upped their target price 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. Finally, Cantor Fitzgerald began coverage on Redwire in a research report on Friday, January 24th. They set an "overweight" rating and a $28.00 price target on the stock. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $18.04.

Redwire Price Performance

The firm's 50 day simple moving average is $16.74 and its two-hundred day simple moving average is $10.95. The firm has a market capitalization of $1.57 billion, a P/E ratio of -19.44 and a beta of 2.23.

Insider Activity

In related news, major shareholder Park Lp Genesis II sold 50,000 shares of the company's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $23.20, for a total transaction of $1,160,000.00. Following the completion of the sale, the insider now directly owns 3,754,041 shares in the company, valued at $87,093,751.20. This represents a 1.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders sold 667,656 shares of company stock valued at $13,288,352. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Redwire

A number of large investors have recently added to or reduced their stakes in the company. Barclays PLC boosted its holdings in shares of Redwire by 55.8% during the third quarter. Barclays PLC now owns 1,181,138 shares of the company's stock worth $8,115,000 after purchasing an additional 422,854 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in Redwire in the 3rd quarter worth approximately $623,000. Van ECK Associates Corp bought a new stake in shares of Redwire in the 4th quarter worth approximately $1,151,000. State Street Corp increased its stake in shares of Redwire by 8.1% during the third quarter. State Street Corp now owns 473,295 shares of the company's stock valued at $3,252,000 after buying an additional 35,519 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Redwire by 6.3% during the third quarter. Geode Capital Management LLC now owns 523,743 shares of the company's stock valued at $3,599,000 after acquiring an additional 30,963 shares in the last quarter. 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.