Redwire (NYSE:RDW) Trading 3.3% Higher – Still a Buy?

Shares of Redwire Co. (NYSE:RDW) were up 3.3% during mid-day trading on Wednesday . The company traded as high as $9.36 and last traded at $9.19. Approximately 103,809 shares were traded during trading, a decline of 68% from the average daily volume of 327,456 shares. The stock had previously closed at $8.90.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. B. Riley raised Redwire from a “neutral” rating to a “buy” rating and set a $8.00 price target on the stock in a research report on Friday, August 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $6.00 target price on shares of Redwire in a report on Monday, September 30th. Finally, Alliance Global Partners upped their price target on Redwire from $7.00 to $8.25 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $7.65.

Redwire Price Performance

The firm has a market cap of $579.06 million, a P/E ratio of -12.26 and a beta of 1.96. The company’s 50 day moving average is $7.01 and its two-hundred day moving average is $6.05.

Redwire (NYSE:RDW) last issued 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 during the quarter, compared to analyst estimates of $66.86 million. Research analysts predict that Redwire Co. will post -0.87 EPS for the current year.

Hedge Funds Weigh In On Redwire

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Redwire by 0.3% during the first quarter. Vanguard Group Inc. now owns 1,118,812 shares of the company’s stock worth $4,912,000 after acquiring an additional 3,681 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Redwire by 496.1% during the 2nd 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 in the last quarter. Squarepoint Ops LLC increased 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 worth $511,000 after purchasing an additional 26,543 shares in the last quarter. DNB Asset Management AS boosted its position in Redwire by 23.9% in the second quarter. DNB Asset Management AS now owns 39,094 shares of the company’s stock valued at $280,000 after buying an additional 7,538 shares in the last quarter. Finally, LJI Wealth Management LLC bought a new stake in Redwire during the second quarter worth about $258,000. Institutional investors own 8.10% of the company’s stock.

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.