Redwire Corporation (NYSE:RDW) has been on a remarkable surge, having gained about 165.5% over the past month. After reaching a new 52-week high of $24.92 on Wednesday.
This strong rally has driven remarkable gains in Redwire-heavy ETFs like T-REX 2X Long RDW Daily Target ETF (BATS:RDWU), Defiance Drone & Modern Warfare ETF (NYSE:JEDI), Moonvest ETF (NASDAQ:MNVT), State Street SPDR S&P Kensho Final Frontiers ETF (NYSE:ROKT).
T-REX 2X Long RDW Daily Target ETF
RDWU seeks two times (200%) the performance of the share price of RDW. It has amassed $41.9 million in assets under management (AUM) since its launch in late January and trades an average daily volume of 1.2 million shares. The ETF charges a steep 1.50% annual fee.
RDWU skyrocketed 482.6% over the past month.
Benzinga Edge Stock Rankings indicate that RDWU maintains a strong price trend in the short, medium and long term.
Defiance Drone & Modern Warfare ETF
JEDI invests in drones, AI-driven defense, and advanced air mobility by tracking the BITA Drone & Modern Warfare Select Index. It has an expense ratio of 0.69% and has AUM of $126.9 million. The ETF trades in an average volume of 143,000 shares and has gained 42.8% in a one-month period.
Redwire is the top spot in the JEDI portfolio, accounting for 17.7% of assets.
Benzinga Edge Stock Rankings indicate that JEDI maintains a weak price trend in the short, medium and long term.
Moonvest ETF
MINVT is actively managed and invests in a relatively concentrated portfolio of approximately 15 to 35 positions in U.S. and foreign equity securities. It became publicly available on March 16 and has gathered $56.5 million in AUM. The fund trades in an average daily volume of 31,000 shares and has an expense ratio of 0.75%. MNVT soared about 20% over the past month.
Redwire accounts for 10.65% share of the ETF portfolio.
Benzinga Edge Stock Rankings indicate that MNVT maintains a strong price trend in the short, medium and long term.
State Street SPDR S&P Kensho Final Frontiers ETF
ROKT offers exposure to companies involved in the expansion of human understanding and presence in outer space and in the oceans by tracking the S&P Kensho Final Frontiers Index. It has an AUM of $223 million and an expense ratio of 0.45%. The fund trades in an average daily volume of about 47,000 shares. ROKT is up 22.5% over the past month.
Redwire accounts for 6.4% of assets in the ETF basket.
Benzinga Edge Stock Rankings indicate that ROKT has a strong Momentum score in the 93rd percentile and maintains a strong price trend in the short, medium and long term.
Broad Space Rally Powers Redwire
The aerospace manufacturer has been among the hottest trades fueled by the broader space-sector rally, particularly enthusiasm surrounding the SpaceX IPO.
SpaceX last week publicly filed its S-1 for a planned Nasdaq listing under the ticker SPCX, giving investors their first detailed look at the private rocket and satellite giant’s business ahead of what will likely be the largest IPO ever. Reuters reported that SpaceX could begin its roadshow on June 4, price the offering as soon as June 11, and start trading as early as June 12.
The new contracts, including the one tied to NATO and U.S. Army modernization programs, and from the U.S. Army Aviation Center of Excellence for its Stalker uncrewed aerial systems, are also driving Redwire stock higher.
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