Parsons (NYSE:PSN) Trading Down 7.5% – Here’s What Happened

Parsons Co. (NYSE:PSN) shares traded down 7.5% during trading on Thursday . The stock traded as low as $103.01 and last traded at $103.61. 572,332 shares were traded during trading, a decline of 35% from the average session volume of 884,292 shares. The stock had previously closed at $112.01.

Analysts Set New Price Targets

PSN has been the subject of a number of analyst reports. Truist Financial reissued a “buy” rating and set a $108.00 target price (up from $100.00) on shares of Parsons in a research note on Thursday, August 1st. Raymond James downgraded Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price for the company. in a research note on Wednesday, October 23rd. Benchmark increased their target price on Parsons from $68.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Robert W. Baird increased their target price on Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, KeyCorp increased their target price on Parsons from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.11.

Parsons Trading Down 10.5 %

The company has a market cap of $10.65 billion, a PE ratio of 155.83, a price-to-earnings-growth ratio of 2.02 and a beta of 0.80. The business has a 50 day simple moving average of $104.58 and a two-hundred day simple moving average of $89.94. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.07. Parsons had a return on equity of 12.74% and a net margin of 1.21%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.63 billion. On average, analysts forecast that Parsons Co. will post 3.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. V Square Quantitative Management LLC purchased a new position in shares of Parsons in the 3rd quarter worth $33,000. Tanglewood Legacy Advisors LLC purchased a new position in shares of Parsons in the 2nd quarter worth $44,000. Capital Performance Advisors LLP purchased a new position in shares of Parsons in the 3rd quarter worth $45,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Parsons in the 3rd quarter worth $72,000. Finally, Blue Trust Inc. raised its position in shares of Parsons by 23.6% in the 2nd quarter. Blue Trust Inc. now owns 1,041 shares of the company’s stock worth $86,000 after buying an additional 199 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.

About Parsons

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.