Castleark Management LLC Sells 93,410 Shares of Mercury Systems Inc $MRCY

Key Points

• Castleark Management cut its Mercury Systems stake by 78.9%, selling 93,410 shares in the first quarter and retaining 25,048 shares valued at approximately $1.83 million.
• Mercury Systems reported stronger-than-expected quarterly results, with EPS of $0.27 versus a $0.06 consensus estimate and revenue of $235.76 million, up 11.5% year over year.
• Analyst sentiment remains mixed but leans positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $95.78; meanwhile, insiders sold 18,250 shares worth about $1.73 million over the past three months.

Castleark Management LLC reduced its stake in Mercury Systems Inc (NASDAQ:MRCY - Free Report) by 78.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,048 shares of the technology company's stock after selling 93,410 shares during the period. Castleark Management LLC's holdings in Mercury Systems were worth $1,826,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MRCY. Signaturefd LLC grew its holdings in Mercury Systems by 15.4% in the 4th quarter. Signaturefd LLC now owns 804 shares of the technology company's stock valued at $59,000 after buying an additional 107 shares in the last quarter. Maryland State Retirement & Pension System lifted its holdings in shares of Mercury Systems by 1.8% during the fourth quarter. Maryland State Retirement & Pension System now owns 7,714 shares of the technology company's stock worth $563,000 after buying an additional 134 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Mercury Systems by 1.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 12,058 shares of the technology company's stock worth $880,000 after buying an additional 187 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Mercury Systems by 1.3% in the fourth quarter. Arizona State Retirement System now owns 15,211 shares of the technology company's stock valued at $1,111,000 after acquiring an additional 195 shares during the period. Finally, Focus Partners Wealth boosted its position in shares of Mercury Systems by 3.0% in the third quarter. Focus Partners Wealth now owns 6,929 shares of the technology company's stock valued at $536,000 after acquiring an additional 199 shares during the period. 95.99% of the stock is owned by institutional investors.

Mercury Systems Trading Up 0.5%

NASDAQ MRCY opened at $103.80 on Tuesday. The company has a market cap of $6.23 billion, a price-to-earnings ratio of -432.50 and a beta of 0.93. Mercury Systems Inc has a twelve month low of $50.13 and a twelve month high of $128.45. The company has a quick ratio of 2.15, a current ratio of 3.19 and a debt-to-equity ratio of 0.40. The business's fifty day moving average is $108.47 and its 200 day moving average is $93.95.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.21. Mercury Systems had a negative net margin of 1.46% and a positive return on equity of 2.22%. The firm had revenue of $235.76 million during the quarter, compared to analysts' expectations of $208.56 million. During the same period in the prior year, the company posted $0.06 EPS. The company's revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts expect that Mercury Systems Inc will post 0.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MRCY. Canaccord Genuity Group increased their price target on Mercury Systems from $102.00 to $106.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Truist Financial upgraded Mercury Systems to a "strong-buy" rating in a research report on Friday, May 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Mercury Systems in a research report on Friday, July 17th. Wall Street Zen lowered Mercury Systems from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. Finally, The Goldman Sachs Group raised their price target on Mercury Systems from $60.00 to $68.00 and gave the stock a "sell" rating in a research report on Monday, May 11th. Three investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $95.78.

Insider Buying and Selling at Mercury Systems

In other news, Director Orlando D. Carvalho sold 7,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $89.36, for a total value of $625,520.00. Following the completion of the sale, the director owned 52,448 shares in the company, valued at $4,686,753.28. This represents a 11.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Howard L. Lance sold 9,250 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $99.76, for a total transaction of $922,780.00. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 18,250 shares of company stock valued at $1,733,220. 1.40% of the stock is currently owned by company insiders.

About Mercury Systems

Mercury Systems, Inc NASDAQ: MRCY is a technology company that designs, manufactures and markets secure processing subsystems for aerospace and defense applications. The company's products are built to address the stringent security, safety and reliability requirements of mission-critical programs, with a focus on radar, electronic warfare, intelligence and other sensor and processing functions. Mercury's offerings encompass rugged embedded computing modules, high-performance radio frequency (RF) and microwave components, digital signal processing subsystems and secure networking solutions.

Since its origins in advanced signal processing, Mercury Systems has expanded its capabilities through a combination of internal development and targeted acquisitions.

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