Redwire (NYSE:RDW) Shares Down 4.9% – What’s Next?

Redwire Co. (NYSE:RDW)’s share price was down 4.9% during trading on Wednesday . The company traded as low as $12.84 and last traded at $13.11. Approximately 345,440 shares were traded during mid-day trading, a decline of 6% from the average daily volume of 368,303 shares. The stock had previously closed at $13.78.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. B. Riley lowered shares of Redwire from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $8.00 to $9.50 in a research report on Tuesday, October 29th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $6.00 price objective on shares of Redwire in a research report on Monday, September 30th. Alliance Global Partners raised their price objective on shares of Redwire from $7.00 to $8.25 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Roth Mkm boosted their price target on Redwire from $10.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, HC Wainwright started coverage on shares of Redwire in a research note on Tuesday. They set a “buy” rating and a $18.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Redwire presently has an average rating of “Moderate Buy” and an average price target of $10.13.

Redwire Stock Performance

The firm has a market capitalization of $885.65 million, a price-to-earnings ratio of -10.87 and a beta of 1.93. The business has a fifty day moving average price of $8.61 and a 200 day moving average price of $7.05.

Institutional Trading of Redwire

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC raised its position 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 period. Barclays PLC grew its stake in shares of Redwire by 55.8% in the third quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock valued at $8,115,000 after buying an additional 422,854 shares in the last quarter. State Street Corp raised its holdings in shares of Redwire by 8.1% during the 3rd 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. Stifel Financial Corp acquired a new position in Redwire during the 3rd quarter worth approximately $139,000. Finally, MetLife Investment Management LLC boosted its stake in shares of Redwire by 129.1% in the third quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock valued at $97,000 after purchasing an additional 7,921 shares during the period. 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.