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

Shares of Redwire Co. (NYSE:RDW) gapped down prior to trading on Tuesday . The stock had previously closed at $9.19, but opened at $8.82. Redwire shares last traded at $8.80, with a volume of 179,056 shares traded.

Analyst Ratings Changes

Several research firms have recently weighed in on RDW. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.00 price target 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 lifted their target price for the company from $8.00 to $9.50 in a research report on Tuesday. Finally, Alliance Global Partners increased their price target on Redwire from $7.00 to $8.25 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.95.

Redwire Stock Down 5.2 %

The company has a market cap of $525.63 million, a P/E ratio of -8.06 and a beta of 1.96. The business’s 50 day moving average is $7.16 and its 200 day moving average is $6.19.

Redwire (NYSE:RDW) last posted its earnings results on Wednesday, August 7th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.15). The company had revenue of $78.11 million for the quarter, compared to the consensus estimate of $66.86 million. As a group, equities research analysts forecast that Redwire Co. will post -0.87 EPS for the current year.

Institutional Investors Weigh In On Redwire

Several institutional investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. acquired a new stake in shares of Redwire during the third quarter worth $623,000. Bank of New York Mellon Corp raised its position in shares of Redwire by 496.1% in the second quarter. Bank of New York Mellon Corp now owns 71,340 shares of the company’s stock worth $512,000 after acquiring an additional 59,372 shares during the period. LJI Wealth Management LLC purchased a new position in Redwire during the second quarter worth approximately $258,000. Squarepoint Ops LLC lifted its position in shares of Redwire by 59.4% during the 2nd quarter. Squarepoint Ops LLC now owns 71,236 shares of the company’s stock valued at $511,000 after buying an additional 26,543 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Redwire during the first quarter valued at $59,000. 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.