Redwire (NYSE:RDW) Shares Down 7.7% - Here's What Happened

Redwire Co. (NYSE:RDW - Get Free Report)'s stock price dropped 7.7% on Monday . The company traded as low as $21.71 and last traded at $22.09. Approximately 766,832 shares were traded during trading, a decline of 63% from the average daily volume of 2,065,662 shares. The stock had previously closed at $23.92.

Wall Street Analyst Weigh In

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

Redwire Stock Down 7.6 %

The stock has a market capitalization of $1.45 billion, a PE ratio of -17.98 and a beta of 2.23. The stock has a fifty day moving average of $16.43 and a 200-day moving average of $10.72.

Insider Activity

In other Redwire news, major shareholder Park Lp Genesis II sold 5,371 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $18.01, for a total value of $96,731.71. Following the sale, the insider now directly owns 4,598,056 shares of the company's stock, valued at approximately $82,810,988.56. This represents a 0.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 667,656 shares of company stock worth $13,288,352. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Redwire

A number of institutional investors and hedge funds have recently modified their holdings of RDW. Barclays PLC lifted its holdings in Redwire by 55.8% during the 3rd quarter. Barclays PLC now owns 1,181,138 shares of the company's stock worth $8,115,000 after buying an additional 422,854 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Redwire during the 3rd quarter worth about $623,000. Van ECK Associates Corp purchased a new stake in Redwire during the fourth quarter worth approximately $1,151,000. State Street Corp boosted its holdings in Redwire by 8.1% in the third quarter. State Street Corp now owns 473,295 shares of the company's stock valued at $3,252,000 after purchasing an additional 35,519 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Redwire by 6.3% in the third quarter. Geode Capital Management LLC now owns 523,743 shares of the company's stock valued at $3,599,000 after purchasing an additional 30,963 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.