Parsons (NYSE:PSN) Stock Price Up 6.3% - What's Next?

Parsons Co. (NYSE:PSN - Get Free Report)'s share price traded up 6.3% during trading on Wednesday . The stock traded as high as $64.23 and last traded at $63.34. 1,725,632 shares changed hands during mid-day trading, an increase of 67% from the average session volume of 1,034,517 shares. The stock had previously closed at $59.56.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PSN. Raymond James downgraded shares of Parsons from an "outperform" rating to a "market perform" rating in a report on Thursday, January 2nd. Robert W. Baird reduced their price objective on Parsons from $125.00 to $78.00 and set an "outperform" rating on the stock in a research report on Thursday, February 20th. The Goldman Sachs Group reduced their target price on shares of Parsons from $109.00 to $98.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Jefferies Financial Group reduced their price target on Parsons from $110.00 to $100.00 and set a "buy" rating on the stock in a research note on Friday, January 24th. Finally, Bank of America decreased their price target on Parsons from $130.00 to $110.00 and set a "buy" rating on the stock in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $100.50.

Parsons Trading Down 3.5 %

The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55. The business's 50-day simple moving average is $65.52 and its two-hundred day simple moving average is $87.89. The stock has a market capitalization of $6.29 billion, a price-to-earnings ratio of 77.54, a PEG ratio of 0.93 and a beta of 0.66.

Remove Ads

Parsons announced that its Board of Directors has authorized a share repurchase program on Monday, March 24th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Institutional Trading of Parsons

Large investors have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC purchased a new stake in shares of Parsons in the fourth quarter worth about $25,000. Aster Capital Management DIFC Ltd acquired a new position in Parsons during the 4th quarter worth approximately $25,000. ORG Wealth Partners LLC purchased a new position in Parsons in the 4th quarter worth approximately $26,000. Huntington National Bank grew its position in Parsons by 28,900.0% in the fourth quarter. Huntington National Bank now owns 290 shares of the company's stock valued at $27,000 after acquiring an additional 289 shares in the last quarter. Finally, Versant Capital Management Inc purchased a new stake in shares of Parsons during the first quarter valued at approximately $27,000. 98.02% of the stock is currently owned by institutional investors and hedge funds.

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.