Peters joined the Conference North side in February and has made three appearances for the club.
He scored his first on-loan goal last week in Redditch's 4-2 defeat at the hands of Harrogate.
And last week the young Welshman weighed in with two assists as Redditch returned to winning ways with a 3-1 win over Worksop.
Stephens moved to the Midland side to get first team football, in an attempt to impress Town boss Gary Peters and break into the first-team.
Stephens had three appearances earlier in the season but was then hit by injury.