Millennium Management LLC Trims Holdings in Mercury Systems Inc $MRCY

Key Points

• Millennium Management LLC reduced its stake in Mercury Systems Inc by 33.2%, now owning approximately 1.14% of the company's shares valued at about $29.5 million.
• Mercury Systems reported earnings of $0.47 per share, exceeding estimates by $0.26, with revenue of $273.11 million, representing a 9.9% increase compared to the previous year.
• The stock price of Mercury Systems has seen significant upward movement, opening at $71.70, and analysts predict a consensus price target of $60.71 with varied investment ratings from multiple firms.

Millennium Management LLC trimmed its position in shares of Mercury Systems Inc (NASDAQ:MRCY - Free Report) by 33.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 684,004 shares of the technology company's stock after selling 339,504 shares during the period. Millennium Management LLC owned about 1.14% of Mercury Systems worth $29,474,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Neo Ivy Capital Management purchased a new stake in shares of Mercury Systems during the fourth quarter worth approximately $33,000. GAMMA Investing LLC increased its stake in Mercury Systems by 59.6% in the first quarter. GAMMA Investing LLC now owns 1,058 shares of the technology company's stock valued at $46,000 after purchasing an additional 395 shares during the last quarter. Fifth Third Bancorp increased its stake in Mercury Systems by 53.8% in the first quarter. Fifth Third Bancorp now owns 1,290 shares of the technology company's stock valued at $56,000 after purchasing an additional 451 shares during the last quarter. Nkcfo LLC purchased a new position in Mercury Systems in the first quarter valued at approximately $72,000. Finally, US Bancorp DE increased its stake in Mercury Systems by 43.0% in the first quarter. US Bancorp DE now owns 2,489 shares of the technology company's stock valued at $107,000 after purchasing an additional 749 shares during the last quarter. 95.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Royal Bank Of Canada increased their price target on shares of Mercury Systems from $50.00 to $55.00 and gave the company a "sector perform" rating in a research note on Thursday, July 3rd. Zacks Research upgraded shares of Mercury Systems from a "strong sell" rating to a "strong-buy" rating in a research note on Thursday, August 21st. Truist Financial increased their price target on shares of Mercury Systems from $60.00 to $71.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Robert W. Baird raised their target price on shares of Mercury Systems from $58.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Finally, Raymond James Financial upgraded shares of Mercury Systems from an "outperform" rating to a "strong-buy" rating and raised their target price for the stock from $55.00 to $80.00 in a research report on Tuesday, August 12th. Three 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 assigned a Sell rating to the company's stock. According to data from MarketBeat, Mercury Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.71.

Mercury Systems Price Performance

Mercury Systems stock traded up $1.78 during midday trading on Tuesday, reaching $74.59. The company's stock had a trading volume of 824,513 shares, compared to its average volume of 477,489. Mercury Systems Inc has a fifty-two week low of $32.32 and a fifty-two week high of $75.06. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.41 and a current ratio of 3.52. The stock's 50 day simple moving average is $60.71 and its 200 day simple moving average is $52.30. The firm has a market capitalization of $4.48 billion, a PE ratio of -113.01, a P/E/G ratio of 3.03 and a beta of 0.77.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The technology company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.26. Mercury Systems had a positive return on equity of 0.58% and a negative net margin of 4.16%.The business had revenue of $273.11 million during the quarter, compared to analysts' expectations of $244.56 million. During the same quarter last year, the business posted $0.23 earnings per share. The business's revenue for the quarter was up 9.9% on a year-over-year basis. On average, equities research analysts forecast that Mercury Systems Inc will post -0.08 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Stuart Kupinsky sold 1,220 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $64.46, for a total value of $78,641.20. Following the completion of the transaction, the executive vice president owned 70,297 shares of the company's stock, valued at approximately $4,531,344.62. The trade was a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Steven Ratner sold 7,000 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $63.76, for a total transaction of $446,320.00. Following the completion of the transaction, the executive vice president owned 33,801 shares in the company, valued at approximately $2,155,151.76. This trade represents a 17.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 848,913 shares of company stock valued at $55,524,330. Company insiders own 1.40% of the company's stock.

Mercury Systems 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.