Redwire (NYSE:RDW) Shares Gap Down – Here’s Why

Redwire Co. (NYSE:RDW)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $8.58, but opened at $7.80. Redwire shares last traded at $8.25, with a volume of 215,229 shares traded.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.00 price objective on shares of Redwire in a research note on Monday, September 30th. B. Riley lowered Redwire from a “buy” rating to a “neutral” rating and increased their price target for the company from $8.00 to $9.50 in a research report on Tuesday, October 29th. Finally, Alliance Global Partners boosted their price objective on Redwire from $7.00 to $8.25 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Redwire has an average rating of “Moderate Buy” and an average price target of $7.95.

Redwire Stock Up 2.1 %

The stock has a market cap of $582.86 million, a PE ratio of -8.74 and a beta of 1.93. The firm has a fifty day moving average of $7.28 and a 200 day moving average of $6.34.

Redwire (NYSE:RDW) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.15). The firm had revenue of $78.11 million during the quarter, compared to analyst estimates of $66.86 million. On average, equities research analysts forecast that Redwire Co. will post -0.87 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company acquired a new position in Redwire in the second quarter valued at $74,000. Vontobel Holding Ltd. acquired a new stake in shares of Redwire in the 3rd quarter valued at about $74,000. AQR Capital Management LLC purchased a new position in Redwire during the 2nd quarter worth approximately $89,000. SG Americas Securities LLC acquired a new position in Redwire during the first quarter worth approximately $59,000. Finally, Rhumbline Advisers lifted its stake in Redwire by 64.7% in the second quarter. Rhumbline Advisers now owns 32,335 shares of the company’s stock valued at $232,000 after buying an additional 12,703 shares during the last quarter. Institutional investors and hedge funds 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.