Space stocks have been blasting off, and Redwire (RDW) was no exception, rocketing from an April low of $6.61 to a stratospheric $20.57 on Monday – a 211% surge that had investors seeing stars.
The Jacksonville-based space infrastructure innovator, with its snazzy portfolio of avionics, sensors, and in-space 3D printing, was riding the cosmic wave of lunar ambitions and NASA contracts. RDW was angling for a role in building the next-generation space economy.
But gravity struck hard Thursday, when Redwire announced a $200 million secondary offering, sending its stock plummeting 18.8% to close at $16.70 per share. Talk about a meteor shower!
Is This A Cosmic Buying Opportunity?
This post originally appeared at Money Morning.