Redwire Corporation (NYSE:RDW) shares traded higher Thursday after the company was selected by Space Systems Command as one of 15 vendors for a defense contract vehicle valued at more than $980 million.
The gain came even as the Industrials sector fell 0.8%, and the S&P 500 declined 0.4%, pointing to company-specific interest in the award.
Redwire Joins $980 Million NITE-STAR Contract
The NITE-STAR multiple-award IDIQ contract allows Redwire to compete for future task orders supporting U.S. national security space test infrastructure and operational readiness.
The company can provide spacecraft systems, digital engineering tools, and infrastructure solutions for the U.S. Space Force.
The $980 million figure represents the overall contract vehicle, and the award does not guarantee Redwire any revenue.
Mike Gold, President of Redwire Space, said, "Selection for NITE-STAR underscores Redwire’s role as a trusted provider of mission-critical spacecraft systems and digital engineering solutions."
RDW Technical Setup Shows Early Improvement
Redwire’s technical picture shows improving short-term momentum, though the longer-term trend remains mixed.
Shares trade above the 20-day, 50-day, and 200-day simple moving averages, suggesting improving price action. However, the stock remains below the 100-day SMA at $12.50, creating a key hurdle for further gains.
RSI of 51.99 is neutral, indicating the stock is neither overbought nor oversold.
For investors, a move above $12.50 could strengthen the recovery signal, while $10.00 remains key support if momentum weakens.
Earnings And Analyst Targets Ahead
Redwire’s next earnings report is scheduled for Nov. 4 (estimated).
Wall Street expects a loss of 9 cents per share, down from 29 cents a year earlier. Revenue is projected at $126.37 million, up from $103.43 million.
The stock carries an average analyst price target of $15.13.
Recent actions include Guggenheim initiating coverage with a Neutral rating on Sept. 15. BofA Securities maintained Underperform while raising its target to $8 on Aug. 31, while Canaccord Genuity maintained Buy and raised its target to $15 on Aug. 10.
ETF Exposure
The stock also carries meaningful weight in several thematic ETFs.
The Defiance Drone and Modern Warfare ETF (NYSE:JEDI) has a 10.94% weighting, followed by the Moonvest ETF (NASDAQ:MNVT) at 5.41% and the VanEck Space ETF (NASDAQ:WARP) at 3.84%.
RDW Stock Price Activity: Redwire shares are trading higher by 2.09% at $11.51 at the time of publication on Thursday, according to Benzinga Pro data.
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