Redwire (NYSE:RDW) Shares Gap Up – Should You Buy?

Redwire Co. (NYSE:RDW) shares gapped up before the market opened on Friday . The stock had previously closed at $13.49, but opened at $13.88. Redwire shares last traded at $14.25, with a volume of 218,267 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RDW shares. Cantor Fitzgerald restated an “overweight” rating and set a $6.00 price objective on shares of Redwire in a report on Monday, September 30th. HC Wainwright assumed coverage on shares of Redwire in a research note on Tuesday. They set a “buy” rating and a $18.00 price target for the company. Roth Mkm upped their price objective on Redwire from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, B. Riley lowered Redwire from a “buy” rating to a “neutral” rating and increased their price objective for the company from $8.00 to $9.50 in a report on Tuesday, October 29th. One equities research 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’s 50 day moving average is $8.89 and its 200 day moving average is $7.14. The company has a market capitalization of $946.86 million, a PE ratio of -11.93 and a beta of 1.93.

Institutional Investors Weigh In On Redwire

Institutional investors have recently made changes to their positions in the stock. Harbor Capital Advisors Inc. bought a new stake in shares of Redwire during the 3rd quarter valued at $623,000. Vanguard Group Inc. grew its holdings in Redwire by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 1,118,812 shares of the company’s stock valued at $4,912,000 after buying an additional 3,681 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Redwire by 17.2% during the second quarter. SG Americas Securities LLC now owns 15,670 shares of the company’s stock valued at $112,000 after buying an additional 2,296 shares during the period. Bank of New York Mellon Corp lifted 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 buying an additional 59,372 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Redwire by 64.7% in the second quarter. Rhumbline Advisers now owns 32,335 shares of the company’s stock valued at $232,000 after acquiring an additional 12,703 shares during the period. Hedge funds and other institutional investors 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.