Mercury Systems Inc (NASDAQ:MRCY) Director Sells $52,139,740.00 in Stock

Key Points

• Jana Partners Management, Lp sold 797,000 shares of Mercury Systems' stock for approximately $52.1 million, decreasing their ownership stake by 11.79%.
• Mercury Systems reported an EPS of $0.47 for the last quarter, significantly exceeding expectations of $0.21, with a 9.9% year-over-year revenue increase to $273.11 million.
• Several analysts have significantly raised their target prices on Mercury Systems' stock, with Truist Financial suggesting a target of $71.00 and Raymond James increasing it to $80.00.

Mercury Systems Inc (NASDAQ:MRCY - Get Free Report) Director Jana Partners Management, Lp sold 797,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $65.42, for a total value of $52,139,740.00. Following the sale, the director owned 5,964,313 shares in the company, valued at approximately $390,185,356.46. The trade was a 11.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Mercury Systems Stock Performance

Shares of MRCY stock traded up $0.10 during mid-day trading on Monday, hitting $66.80. The stock had a trading volume of 742,062 shares, compared to its average volume of 621,470. Mercury Systems Inc has a fifty-two week low of $32.32 and a fifty-two week high of $69.95. The firm has a market cap of $4.00 billion, a PE ratio of -101.21, a PEG ratio of 3.13 and a beta of 0.72. The company has a debt-to-equity ratio of 0.40, a current ratio of 3.52 and a quick ratio of 2.41. The company's 50-day simple moving average is $53.51 and its 200-day simple moving average is $48.82.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Castleark Management LLC purchased a new stake in shares of Mercury Systems in the second quarter worth approximately $4,998,000. Public Sector Pension Investment Board increased its position in Mercury Systems by 7.7% during the second quarter. Public Sector Pension Investment Board now owns 173,201 shares of the technology company's stock worth $9,329,000 after buying an additional 12,374 shares during the last quarter. Evergreen Capital Management LLC acquired a new position in Mercury Systems during the second quarter valued at approximately $212,000. Tower Research Capital LLC TRC grew its holdings in Mercury Systems by 516.7% during the second quarter. Tower Research Capital LLC TRC now owns 6,494 shares of the technology company's stock valued at $350,000 after purchasing an additional 5,441 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its position in shares of Mercury Systems by 16.1% in the second quarter. Corient Private Wealth LLC now owns 7,345 shares of the technology company's stock valued at $396,000 after acquiring an additional 1,020 shares during the period. 95.99% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on MRCY. Raymond James Financial upgraded Mercury Systems from an "outperform" rating to a "strong-buy" rating and boosted their target price for the stock from $55.00 to $80.00 in a research report on Tuesday, August 12th. Truist Financial increased their price target on Mercury Systems from $60.00 to $71.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Robert W. Baird increased their price target on Mercury Systems from $58.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada lifted their price target on Mercury Systems from $50.00 to $55.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 3rd. Finally, The Goldman Sachs Group boosted their target price on Mercury Systems from $35.00 to $39.00 and gave the company a "sell" rating in a research report on Wednesday, August 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.13.

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.