Redwire (NYSE:RDW) Shares Up 10.6% – Here’s What Happened

Redwire Corporation (NYSE:RDW) shares rose 10.6% during mid-day trading on Thursday . The company traded as high as $6.19 and last traded at $6.16. Approximately 4,582,547 shares changed hands during mid-day trading, an increase of 14% from the average daily volume of 4,014,820 shares. The stock had previously closed at $5.57.

Analyst Ratings Changes

A number of research firms have commented on RDW. Roth Capital restated a “buy” rating and set a $15.00 price target on shares of Redwire in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Redwire in a report on Wednesday, October 8th. Zacks Research upgraded Redwire from a “strong sell” rating to a “hold” rating in a research report on Monday, November 10th. Bank of America lowered their price target on Redwire from $9.00 to $6.00 and set an “underperform” rating on the stock in a research report on Wednesday, November 19th. Finally, HC Wainwright reissued a “buy” rating and issued a $22.00 price objective (down previously from $26.00) on shares of Redwire in a research note on Friday, August 8th. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $13.88.

Redwire Stock Performance

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -1.95 and a beta of 2.48. The company’s 50-day simple moving average is $7.45 and its 200-day simple moving average is $11.25. The company has a quick ratio of 1.05, a current ratio of 1.41 and a debt-to-equity ratio of 0.20.

Insider Activity

In other news, EVP Aaron Michael Futch purchased 18,410 shares of Redwire stock in a transaction that occurred on Friday, November 14th. The stock was acquired at an average price of $5.45 per share, for a total transaction of $100,334.50. Following the transaction, the executive vice president owned 88,704 shares in the company, valued at $483,436.80. The trade was a 26.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Peter Anthony Cannito, Jr. bought 32,155 shares of the company’s stock in a transaction dated Monday, November 10th. The stock was acquired at an average price of $6.21 per share, for a total transaction of $199,682.55. Following the acquisition, the chief executive officer directly owned 526,728 shares in the company, valued at $3,270,980.88. This trade represents a 6.50% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 56,065 shares of company stock worth $330,047 over the last three months. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Redwire

Several institutional investors have recently made changes to their positions in RDW. Abich Financial Wealth Management LLC acquired a new position in Redwire in the third quarter worth approximately $41,000. Russell Investments Group Ltd. grew its position in Redwire by 308.6% in the third quarter. Russell Investments Group Ltd. now owns 4,862 shares of the company’s stock worth $44,000 after acquiring an additional 3,672 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in Redwire in the second quarter worth approximately $54,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Redwire by 440.4% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 6,620 shares of the company’s stock worth $60,000 after purchasing an additional 5,395 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Redwire during the 1st quarter valued at $69,000. 8.10% of the stock is currently owned by institutional investors and hedge funds.

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.