Redwire (RDW) Soars 30% on Defense Contract Award

We recently published 10 Big Names With Easy 10-30% Gains. Redwire Corporation (NYSE:RDW) was one of the best performers on Tuesday.

Redwire soared by 29.56 percent on Tuesday to finish at $14.20 apiece following news that it clinched a new contract from the Missile Defense Agency (MDA) under its $151 billion defense program called Scalable Homeland Innovative Enterprise Layered Defense, or SHIELD.

The SHIELD supports President Donald Trump’s Golden Dome program, initially known as the Iron Dome of America, which aims to combine a range of capabilities to create a “system of systems” to protect the United States from “aerial attacks from any foe.”

Redwire Corporation (NYSE:RDW) did not divulge details of the size and the potential revenue from the contract, but said that it encompasses a broad range of work areas that allow for the rapid delivery of innovative capabilities to the warfighter with increased speed and agility.

“Redwire’s proven space and defense technologies, including unmanned aerial systems, advanced sensors, maneuverable spacecraft platforms, and agent-based modeling and simulation, position us to deliver resilient, multi-domain solutions for national security missions,” said Redwire Corporation (NYSE:RDW) Chairman and CEO Peter Cannito.

Redwire (RDW) Soars 30% on Defense Contract Award

“We are excited to continue advancing capabilities that help protect the homeland and support mission partners across the Department of War,” he added.

Apart from Redwire Corporation (NYSE:RDW), several listed companies also bagged awards, including Firefly Aerospace, General Atomics, Honeywell, IonQ Inc., and Kratos Defense, among others.

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Disclosure: None. This article is originally published at Insider Monkey.