Redwire (NYSE:RDW) Shares Down 4.4% – Here’s What Happened

Shares of Redwire Co. (NYSE:RDW) dropped 4.4% during mid-day trading on Tuesday . The stock traded as low as $16.71 and last traded at $16.88. Approximately 752,866 shares were traded during mid-day trading, an increase of 78% from the average daily volume of 421,867 shares. The stock had previously closed at $17.65.

Wall Street Analysts Forecast Growth

RDW has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $6.00 price target on shares of Redwire in a research note on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and set a $18.00 price objective on shares of Redwire in a report on Wednesday, December 11th. B. Riley lowered shares of Redwire from a “buy” rating to a “neutral” rating and raised their target price for the company from $8.00 to $9.50 in a report on Tuesday, October 29th. Finally, Roth Mkm upped their price target on shares of Redwire from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Redwire has an average rating of “Moderate Buy” and a consensus price target of $10.13.

Redwire Stock Performance

The stock has a fifty day moving average price of $11.69 and a 200 day moving average price of $8.49. The stock has a market cap of $1.12 billion, a PE ratio of -13.95 and a beta of 2.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. bought a new position in Redwire in the 3rd quarter valued at $623,000. Barclays PLC boosted its stake in shares of Redwire by 55.8% during the third quarter. Barclays PLC now owns 1,181,138 shares of the company’s stock valued at $8,115,000 after purchasing an additional 422,854 shares during the period. Bank of New York Mellon Corp grew its holdings 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 purchasing an additional 59,372 shares during the last quarter. LJI Wealth Management LLC purchased a new position in Redwire in the 2nd quarter worth about $258,000. Finally, Rhumbline Advisers lifted its holdings in Redwire by 64.7% during the 2nd quarter. Rhumbline Advisers now owns 32,335 shares of the company’s stock valued at $232,000 after buying an additional 12,703 shares in the last quarter. 8.10% of the stock is owned by hedge funds and other institutional investors.

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.