Redwire (NYSE:RDW) Trading Up 6.6% After Analyst Upgrade

Redwire Corporation (NYSE:RDW)’s share price traded up 6.6% during trading on Thursday after Canaccord Genuity Group raised their price target on the stock from $20.00 to $21.00. Canaccord Genuity Group currently has a buy rating on the stock. Redwire traded as high as $18.94 and last traded at $18.66. 1,486,656 shares changed hands during trading, a decline of 4% from the average session volume of 1,547,552 shares. The stock had previously closed at $17.50.

A number of other research firms have also recently commented on RDW. Alliance Global Partners restated a “buy” rating on shares of Redwire in a research note on Monday, May 12th. Truist Financial set a $16.00 price target on Redwire and gave the stock a “hold” rating in a research note on Thursday, June 26th. Roth Capital reiterated a “buy” rating on shares of Redwire in a research report on Tuesday, June 24th. HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of Redwire in a research report on Tuesday, June 24th. Finally, Wall Street Zen lowered Redwire from a “hold” rating to a “sell” rating in a report on Saturday, June 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.61.

Institutional Investors Weigh In On Redwire

Hedge funds have recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of Redwire in the fourth quarter worth approximately $33,000. Summit Investment Advisors Inc. increased its holdings in shares of Redwire by 64.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 2,382 shares of the company’s stock valued at $39,000 after acquiring an additional 931 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Redwire in the 1st quarter valued at $42,000. FNY Investment Advisers LLC acquired a new stake in shares of Redwire in the 1st quarter worth $47,000. Finally, GAMMA Investing LLC boosted its position in shares of Redwire by 69,077.8% in the 1st quarter. GAMMA Investing LLC now owns 6,226 shares of the company’s stock worth $52,000 after purchasing an additional 6,217 shares in the last quarter. 8.10% of the stock is currently owned by hedge funds and other institutional investors.

Redwire Trading Up 9.1%

The stock has a 50-day moving average price of $15.62 and a two-hundred day moving average price of $14.89. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of -8.45 and a beta of 2.54.

Redwire (NYSE:RDW) last issued its quarterly earnings data on Monday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). The company had revenue of $61.40 million during the quarter, compared to analyst estimates of $74.54 million. Research analysts predict that Redwire Corporation will post -0.85 earnings per share for the current fiscal year.

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.