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Redwire Corp (NYSE:RDW) shares are trading lower on Thursday. This move follows a massive 15% surge on Wednesday.
The Nasdaq is down 0.32% while the S&P 500 has gained 0.09%.
Profit Taking After Massive Rally
The Thursday decline appears to be a standard price correction. Investors are likely locking in gains from Wednesday’s momentum.
On Wednesday, the stock hit a high of $11.27 behind heavy buying pressure.
The Commanders Marketing Partnership
The volatility stems from a new multi-year deal. Redwire is now the drone technology partner of the Washington Commanders, an American football team.
CEO Peter Cannito …
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