Parsons (NYSE:PSN) Sets New 52-Week Low - What's Next?

Shares of Parsons Co. (NYSE:PSN - Get Free Report) reached a new 52-week low during trading on Friday . The company traded as low as $72.25 and last traded at $72.82, with a volume of 225126 shares. The stock had previously closed at $73.40.

Analysts Set New Price Targets

PSN has been the topic of several analyst reports. TD Cowen cut their price target on shares of Parsons from $117.00 to $105.00 and set a "buy" rating on the stock in a report on Wednesday, January 8th. The Goldman Sachs Group upgraded Parsons from a "neutral" rating to a "buy" rating and increased their price target for the stock from $103.00 to $111.00 in a report on Thursday, December 12th. Raymond James cut Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. KeyCorp reduced their target price on Parsons from $122.00 to $102.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group lowered their target price on shares of Parsons from $110.00 to $100.00 and set a "buy" rating for the company in a research note on Friday, January 24th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $107.33.

Parsons Stock Performance

The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average price of $88.41 and a 200 day moving average price of $95.97. The stock has a market cap of $7.80 billion, a PE ratio of 111.26, a price-to-earnings-growth ratio of 1.17 and a beta of 0.73.

Institutional Investors Weigh In On Parsons

Several hedge funds have recently modified their holdings of the business. State of New Jersey Common Pension Fund D bought a new position in Parsons in the third quarter worth approximately $2,172,000. Oppenheimer & Co. Inc. increased its holdings in shares of Parsons by 37.7% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 24,016 shares of the company's stock valued at $2,490,000 after acquiring an additional 6,577 shares during the period. Aigen Investment Management LP bought a new position in shares of Parsons in the 3rd quarter worth $1,004,000. Geode Capital Management LLC lifted its stake in shares of Parsons by 14.0% during the 3rd quarter. Geode Capital Management LLC now owns 772,808 shares of the company's stock worth $80,146,000 after purchasing an additional 95,040 shares during the last quarter. Finally, State Street Corp boosted its position in Parsons by 60.6% during the third quarter. State Street Corp now owns 1,634,155 shares of the company's stock valued at $169,429,000 after purchasing an additional 616,707 shares in the last quarter. Hedge funds and other institutional investors own 98.02% of the company's stock.

Parsons Company Profile

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.