Mercury Systems (NASDAQ:MRCY) Shares Down 4.6% - Here's What Happened

Mercury Systems Inc (NASDAQ:MRCY - Get Free Report)'s share price was down 4.6% during mid-day trading on Tuesday . The company traded as low as $49.03 and last traded at $49.46. Approximately 87,653 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 591,337 shares. The stock had previously closed at $51.83.

Analysts Set New Price Targets

A number of equities research analysts have commented on MRCY shares. JPMorgan Chase & Co. raised their price objective on shares of Mercury Systems from $48.00 to $56.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Truist Financial lifted their price objective on Mercury Systems from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, June 2nd. The Goldman Sachs Group boosted their price objective on Mercury Systems from $30.00 to $33.00 and gave the stock a "sell" rating in a report on Monday, May 12th. Finally, Royal Bank Of Canada raised their target price on shares of Mercury Systems from $48.00 to $50.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $49.57.

Mercury Systems Stock Up 3.9%

The firm has a market cap of $3.19 billion, a P/E ratio of -47.66 and a beta of 0.68. The firm's 50 day moving average is $49.43 and its two-hundred day moving average is $45.42. The company has a current ratio of 3.44, a quick ratio of 2.25 and a debt-to-equity ratio of 0.41.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.06 earnings per share for the quarter, hitting analysts' consensus estimates of $0.06. Mercury Systems had a negative net margin of 7.33% and a negative return on equity of 0.77%. The company had revenue of $211.36 million for the quarter, compared to analysts' expectations of $204.25 million. During the same period last year, the firm posted ($0.26) earnings per share. The business's quarterly revenue was up 1.5% compared to the same quarter last year. As a group, research analysts anticipate that Mercury Systems Inc will post -0.08 EPS for the current fiscal year.

Insider Activity

In other news, Director Jana Partners Management, Lp sold 88,152 shares of the company's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $46.27, for a total transaction of $4,078,793.04. Following the completion of the transaction, the director now directly owns 6,861,313 shares of the company's stock, valued at $317,472,952.51. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Steven Ratner sold 3,892 shares of the stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $47.70, for a total value of $185,648.40. Following the transaction, the executive vice president now owns 56,187 shares of the company's stock, valued at approximately $2,680,119.90. The trade was a 6.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 93,883 shares of company stock worth $4,362,791 in the last 90 days. Corporate insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Mercury Systems

Institutional investors have recently bought and sold shares of the company. Neo Ivy Capital Management bought a new stake in shares of Mercury Systems in the fourth quarter worth $33,000. GAMMA Investing LLC lifted its position in Mercury Systems by 59.6% during the 1st quarter. GAMMA Investing LLC now owns 1,058 shares of the technology company's stock worth $46,000 after buying an additional 395 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Mercury Systems by 53.8% during the 1st quarter. Fifth Third Bancorp now owns 1,290 shares of the technology company's stock worth $56,000 after buying an additional 451 shares during the last quarter. Sterling Capital Management LLC boosted its stake in shares of Mercury Systems by 762.6% during the 4th quarter. Sterling Capital Management LLC now owns 1,639 shares of the technology company's stock worth $69,000 after buying an additional 1,449 shares during the last quarter. Finally, Nkcfo LLC bought a new position in shares of Mercury Systems in the 1st quarter valued at about $72,000. Institutional investors own 95.99% 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.