Parsons (NYSE:PSN) Sees Unusually-High Trading Volume – Here’s Why

Parsons Co. (NYSE:PSN) shares saw unusually-strong trading volume on Thursday . Approximately 773,264 shares were traded during mid-day trading, a decline of 5% from the previous session’s volume of 815,178 shares.The stock last traded at $86.51 and had previously closed at $94.86.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PSN shares. The Goldman Sachs Group upgraded Parsons from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $103.00 to $111.00 in a research report on Thursday, December 12th. Robert W. Baird upped their price objective on shares of Parsons from $103.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Truist Financial lowered their target price on shares of Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. TD Cowen reduced their price target on shares of Parsons from $117.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, January 8th. Finally, Jefferies Financial Group decreased their price objective on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a report on Friday. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Parsons currently has a consensus rating of “Moderate Buy” and a consensus target price of $107.33.

Parsons Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The company’s 50 day moving average price is $94.81 and its 200-day moving average price is $95.91. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 126.83, a PEG ratio of 1.42 and a beta of 0.74.

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

Institutional Investors Weigh In On Parsons

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Alliance Wealth Advisors LLC UT purchased a new position in shares of Parsons in the fourth quarter worth approximately $471,000. Precision Wealth Strategies LLC purchased a new position in Parsons during the 4th quarter worth approximately $578,000. Synergy Asset Management LLC acquired a new stake in Parsons during the 4th quarter valued at $12,550,000. BOCHK Asset Management Ltd acquired a new stake in Parsons during the 4th quarter valued at $8,799,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Parsons by 94.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 15,575 shares of the company’s stock worth $1,437,000 after buying an additional 7,557 shares during the period. 98.02% of the stock is owned by institutional investors and hedge funds.

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.