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Redwire Corporation (NYSE:RDW) shares are trading higher Wednesday morning following the announcement of a $44 million contract from the Defense Advanced Research Projects Agency. Here’s what investors need to know.
What To Know: The Phase 2 award funds the “Otter” program, a mission to demonstrate “air-breathing” spacecraft capabilities in Very Low Earth Orbit.
Redwire will utilize its U.S.-built SabreSat platform to manufacture and deliver the spacecraft, a move the company states will accelerate the development of cutting-edge defense capabilities in the VLEO domain.
This development adds to positive momentum generated earlier this week. On Monday, Redwire announced the opening of a new 85,000-square-foot facility in Ann Arbor, Michigan. The expansion aims to double the production capacity of critical fuel cells for Stalker Uncrewed Aerial Systems.
These operational wins offer a rebound for the stock, which fell earlier this month following a third-quarter earnings miss. On Nov. 5, Redwire reported a loss of 37 cents per share on revenue of $103.43 million, missing analyst estimates.
However, Wednesday’s contract validates the company’s previous report of a growing backlog, which had reached $355.6 million at the quarter’s end.
Benzinga Edge Rankings: Benzinga Edge data currently assigns Redwire a Momentum score of 5.13, reflecting the stock’s recent volatility alongside negative price trends across short, medium and long-term horizons.
RDW Price Action: Redwire shares were up 5.79% at $6.54 at the time of publication on Tuesday, according to Benzinga Pro data.
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For example, in Redwire’s case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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Posted In: RDW
