Redwire (NYSE:RDW) Shares Down 4.9% – What’s Next?

Shares of Redwire Co. (NYSE:RDW) were down 4.9% during trading on Wednesday . The company traded as low as $12.84 and last traded at $13.11. Approximately 345,440 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 368,303 shares. The stock had previously closed at $13.78.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. B. Riley cut Redwire from a “buy” rating to a “neutral” rating and increased their price target for the stock from $8.00 to $9.50 in a research report on Tuesday, October 29th. Roth Mkm increased their target price on Redwire from $10.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $6.00 price target on shares of Redwire in a report on Monday, September 30th. Finally, HC Wainwright began coverage on shares of Redwire in a report on Tuesday. They issued a “buy” rating and a $18.00 price objective on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Redwire currently has an average rating of “Moderate Buy” and an average target price of $10.13.

Redwire Stock Performance

The stock has a 50-day simple moving average of $8.89 and a 200-day simple moving average of $7.14.

Hedge Funds Weigh In On Redwire

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vontobel Holding Ltd. acquired a new stake in shares of Redwire in the 3rd quarter worth approximately $74,000. The Manufacturers Life Insurance Company bought a new stake in Redwire during the second quarter worth approximately $74,000. AQR Capital Management LLC acquired a new stake in Redwire in the second quarter worth approximately $89,000. MetLife Investment Management LLC boosted its stake in Redwire by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 14,058 shares of the company’s stock valued at $97,000 after purchasing an additional 7,921 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Redwire by 17.2% during the 2nd quarter. SG Americas Securities LLC now owns 15,670 shares of the company’s stock valued at $112,000 after purchasing an additional 2,296 shares during the period. 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.