Parsons (NYSE:PSN) Stock Price Down 7.5% – Should You Sell?

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

Analyst Ratings Changes

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

Parsons Stock Performance

The company has a 50 day moving average price of $104.82 and a 200-day moving average price of $90.14. The company has a market cap of $10.34 billion, a P/E ratio of 147.55, a price-to-earnings-growth ratio of 2.00 and a beta of 0.80. 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 earnings results on Wednesday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts expect that Parsons Co. will post 3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PSN. Geode Capital Management LLC boosted its holdings in Parsons by 14.0% in the third quarter. Geode Capital Management LLC now owns 772,808 shares of the company’s stock valued at $80,146,000 after acquiring an additional 95,040 shares during the last quarter. Prestige Wealth Management Group LLC acquired a new stake in Parsons in the third quarter valued at approximately $532,000. EP Wealth Advisors LLC increased its holdings in shares of Parsons by 3.8% during the third quarter. EP Wealth Advisors LLC now owns 7,353 shares of the company’s stock valued at $762,000 after acquiring an additional 271 shares in the last quarter. State Street Corp increased its holdings in shares of 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 acquiring an additional 616,707 shares in the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new position in shares of Parsons during the third quarter worth approximately $3,784,000. 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.