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Why Redwire Stock Skyrocketed This Week

TheMotleyFool

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Why Redwire Stock Skyrocketed This Week: https://g.foolcdn.com/editorial/images/872498/gettyimages-1271085883.jpg

Redwire (NYSE: RDW) stock recorded massive gains this week. The space-tech company's share price rose 60.1% in a stretch of trading that saw the S 500 gain 1.8% and the Nasdaq Composite gain 2.6%.

While bullish momentum for the broader market played a role in sending Redwire's valuation higher, bullish momentum for space stocks was particularly strong this week thanks to excitement surrounding SpaceX's upcoming IPO. Even though space stocks saw pullbacks in conjunction with the explosion of Blue Origin's rocket on Friday, Redwire still managed to book a huge valuation gain. The stock is up 223% year to date.

Image source: Getty Images.

Source Fool.com

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