Mercury Systems (NASDAQ:MRCY) Shares Down 3.5% - Here's What Happened

Mercury Systems Inc (NASDAQ:MRCY - Get Free Report)'s share price fell 3.5% during mid-day trading on Monday . The stock traded as low as $51.06 and last traded at $51.14. 360,397 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 594,721 shares. The stock had previously closed at $52.98.

Analyst Upgrades and Downgrades

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

Mercury Systems Price Performance

The company has a market cap of $3.07 billion, a PE ratio of -45.92 and a beta of 0.68. The stock has a fifty day moving average price of $49.09 and a 200-day moving average price of $45.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.44 and a quick ratio of 2.25.

Mercury Systems (NASDAQ:MRCY - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.06 earnings per share for the quarter, meeting the consensus estimate of $0.06. The company had revenue of $211.36 million for the quarter, compared to analysts' expectations of $204.25 million. Mercury Systems had a negative return on equity of 0.77% and a negative net margin of 7.33%. The business's revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.26) EPS. On average, equities analysts expect that Mercury Systems Inc will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Steven Ratner sold 1,839 shares of Mercury Systems stock in a transaction on Monday, June 16th. The shares were sold at an average price of $53.48, for a total value of $98,349.72. Following the completion of the sale, the executive vice president now owns 35,174 shares of the company's stock, valued at approximately $1,881,105.52. The trade was a 4.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jana Partners Management, Lp sold 88,152 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $46.27, for a total value of $4,078,793.04. Following the transaction, the director now directly owns 6,861,313 shares in the company, valued at approximately $317,472,952.51. This represents a 1.27% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 93,883 shares of company stock worth $4,362,791. Corporate insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On Mercury Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRCY. Neo Ivy Capital Management acquired a new stake in shares of Mercury Systems in the fourth quarter worth $33,000. GAMMA Investing LLC raised its holdings in Mercury Systems by 59.6% in the 1st quarter. GAMMA Investing LLC now owns 1,058 shares of the technology company's stock worth $46,000 after acquiring an additional 395 shares during the period. Fifth Third Bancorp raised its holdings in Mercury Systems by 53.8% in the 1st quarter. Fifth Third Bancorp now owns 1,290 shares of the technology company's stock worth $56,000 after acquiring an additional 451 shares during the period. Sterling Capital Management LLC lifted its position in 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 acquiring an additional 1,449 shares during the last quarter. Finally, Nkcfo LLC acquired a new position in Mercury Systems during the 1st quarter worth $72,000. Institutional investors and hedge funds own 95.99% of the company's stock.

About Mercury Systems

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.