Royal Bank of Canada Has $32.85 Million Position in Mercury Systems Inc $MRCY

Key Points

• Royal Bank of Canada increased its stake in Mercury Systems Inc by 0.7% during the first quarter, now owning approximately 1.28% of the company with a value of $32.85 million.
• Mercury Systems has seen significant interest from institutional investors, with 95.99% of the stock owned by them, indicating strong market confidence in the technology company's future.
• Analysts upgraded Mercury Systems' ratings recently with several targeting price increases, including Truist Financial raising their price objective to $71.00 and Raymond James Financial to $80.00.

Royal Bank of Canada increased its position in shares of Mercury Systems Inc (NASDAQ:MRCY - Free Report) by 0.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 762,406 shares of the technology company's stock after buying an additional 5,170 shares during the quarter. Royal Bank of Canada owned 1.28% of Mercury Systems worth $32,852,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Vident Advisory LLC grew its holdings in shares of Mercury Systems by 114.1% during the first quarter. Vident Advisory LLC now owns 76,533 shares of the technology company's stock worth $3,298,000 after buying an additional 40,784 shares in the last quarter. State of Wyoming grew its holdings in shares of Mercury Systems by 5.2% during the first quarter. State of Wyoming now owns 15,721 shares of the technology company's stock worth $677,000 after buying an additional 775 shares in the last quarter. Trexquant Investment LP grew its holdings in shares of Mercury Systems by 100.7% during the first quarter. Trexquant Investment LP now owns 121,220 shares of the technology company's stock worth $5,223,000 after buying an additional 60,820 shares in the last quarter. Ieq Capital LLC grew its holdings in shares of Mercury Systems by 16.1% during the first quarter. Ieq Capital LLC now owns 6,652 shares of the technology company's stock worth $287,000 after buying an additional 924 shares in the last quarter. Finally, Comerica Bank grew its holdings in shares of Mercury Systems by 19.8% during the first quarter. Comerica Bank now owns 218,362 shares of the technology company's stock worth $9,409,000 after buying an additional 36,130 shares in the last quarter. 95.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Mercury Systems from $56.00 to $68.00 and gave the company a "neutral" rating in a research note on Tuesday, August 12th. Robert W. Baird raised their price target on Mercury Systems from $58.00 to $70.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. The Goldman Sachs Group raised their price target on Mercury Systems from $35.00 to $39.00 and gave the company a "sell" rating in a research note on Wednesday, August 13th. Truist Financial raised their price target on Mercury Systems from $60.00 to $71.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Finally, Raymond James Financial upgraded Mercury Systems from an "outperform" rating to a "strong-buy" rating and raised their price target for the company from $55.00 to $80.00 in a research note on Tuesday, August 12th. Three equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $60.71.

Mercury Systems Stock Performance

Shares of NASDAQ MRCY traded down $0.84 during midday trading on Friday, hitting $72.24. 639,069 shares of the company's stock were exchanged, compared to its average volume of 513,390. The company has a quick ratio of 2.41, a current ratio of 3.52 and a debt-to-equity ratio of 0.40. Mercury Systems Inc has a 12 month low of $32.32 and a 12 month high of $74.00. The company's 50 day moving average price is $59.83 and its 200 day moving average price is $51.83. The firm has a market capitalization of $4.34 billion, a PE ratio of -109.45, a price-to-earnings-growth ratio of 3.04 and a beta of 0.77.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last issued its earnings results on Monday, August 11th. The technology company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.21 by $0.26. The company had revenue of $273.11 million during the quarter, compared to the consensus estimate of $244.56 million. Mercury Systems had a positive return on equity of 0.58% and a negative net margin of 4.16%.The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.23 EPS. As a group, analysts predict that Mercury Systems Inc will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Mercury Systems

In related news, CEO William L. Ballhaus sold 13,050 shares of Mercury Systems stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $64.46, for a total transaction of $841,203.00. Following the completion of the sale, the chief executive officer directly owned 374,976 shares of the company's stock, valued at approximately $24,170,952.96. This trade represents a 3.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jana Partners Management, Lp sold 797,000 shares of Mercury Systems stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $65.42, for a total value of $52,139,740.00. Following the sale, the director directly owned 5,964,313 shares of the company's stock, valued at approximately $390,185,356.46. The trade was a 11.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 850,752 shares of company stock worth $55,622,679 in the last 90 days. Company insiders own 1.60% of the company's stock.

Mercury Systems Company Profile

Mercury Systems, Inc, a technology company, manufactures and sells components, products, modules, and subsystems for aerospace and defense industries in the United States, Europe, and the Asia Pacific. Its products and solutions are deployed in approximately 300 programs with 25 defense contractors and commercial aviation customers.