Parsons (NYSE:PSN) Shares Up 7.3% – Time to Buy?

Shares of Parsons Co. (NYSE:PSN) were up 7.3% during trading on Wednesday . The stock traded as high as $101.84 and last traded at $101.69. Approximately 943,048 shares were traded during trading, an increase of 4% from the average daily volume of 902,490 shares. The stock had previously closed at $94.75.

Wall Street Analyst Weigh In

PSN has been the topic of a number of research reports. Raymond James downgraded shares of Parsons from a “strong-buy” rating to an “outperform” rating and set a $115.00 target price on the stock. in a research report on Wednesday, October 23rd. KeyCorp raised their target price on Parsons from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Truist Financial dropped their price target on Parsons from $130.00 to $110.00 and set a “buy” rating on the stock in a research note on Friday, November 22nd. Finally, Robert W. Baird raised their price objective on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Parsons has an average rating of “Moderate Buy” and an average price target of $105.13.

Parsons Stock Performance

The company has a market cap of $10.52 billion, a P/E ratio of 143.56, a P/E/G ratio of 1.71 and a beta of 0.74. The business has a fifty day moving average of $104.38 and a 200 day moving average of $91.88. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.47.

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

Institutional Investors Weigh In On Parsons

Hedge funds have recently bought and sold shares of the business. True Wealth Design LLC bought a new stake in Parsons during the 3rd quarter valued at about $30,000. V Square Quantitative Management LLC purchased a new stake in Parsons during the 3rd quarter worth approximately $33,000. Capital Performance Advisors LLP purchased a new stake in shares of Parsons in the 3rd quarter valued at $45,000. Tanglewood Legacy Advisors LLC purchased a new stake in shares of Parsons in the 2nd quarter valued at $44,000. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Parsons in the 3rd quarter valued at $72,000. 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.