Parsons (NYSE:PSN) Sets New 12-Month Low - Here's Why

Key Points

• Parsons set a new 52-week low, trading as low as $49.28 (last $49.5350) and sitting below its 50-day ($56.93) and 200-day ($67.49) moving averages, reflecting near-term weakness.
• Several analysts have trimmed targets (e.g., Truist $85→$75, UBS $104→$95) and KeyCorp downgraded the stock, but consensus remains a Moderate Buy with an average target of $78.17.
• Q1 results showed an EPS beat ($0.79 vs. $0.70) while revenue fell 4.1% year-over-year to $1.49 billion, narrowly missing the $1.50 billion estimate.

Parsons Corporation (NYSE:PSN - Get Free Report) shares reached a new 52-week low on Tuesday . The stock traded as low as $49.28 and last traded at $49.5350, with a volume of 143112 shares trading hands. The stock had previously closed at $50.02.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Truist Financial dropped their target price on Parsons from $85.00 to $75.00 and set a "buy" rating for the company in a research report on Monday, April 20th. KeyCorp cut Parsons from an "overweight" rating to a "sector weight" rating in a report on Tuesday, April 14th. UBS Group lowered their price objective on Parsons from $104.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, February 12th. Robert W. Baird reiterated a "neutral" rating and issued a $60.00 price objective on shares of Parsons in a research report on Monday, April 13th. Finally, Zacks Research upgraded shares of Parsons from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $78.17.

Parsons Stock Performance

The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.55. The stock has a market cap of $5.32 billion, a P/E ratio of 23.74, a PEG ratio of 1.59 and a beta of 0.60. The stock has a fifty day simple moving average of $56.93 and a 200-day simple moving average of $67.49.

Parsons (NYSE:PSN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.79 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.09. Parsons had a return on equity of 11.52% and a net margin of 3.62%.The company had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $1.50 billion. During the same period in the prior year, the business posted $0.60 EPS. Parsons's revenue was down 4.1% on a year-over-year basis. Equities analysts expect that Parsons Corporation will post 2.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC increased its position in shares of Parsons by 38.0% in the 1st quarter. NewEdge Advisors LLC now owns 959 shares of the company's stock valued at $57,000 after buying an additional 264 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Parsons by 433.9% in the first quarter. Jones Financial Companies Lllp now owns 1,260 shares of the company's stock valued at $75,000 after acquiring an additional 1,024 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Parsons in the second quarter worth about $228,000. Prudential Financial Inc. increased its holdings in shares of Parsons by 40.9% in the second quarter. Prudential Financial Inc. now owns 5,945 shares of the company's stock worth $427,000 after acquiring an additional 1,725 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of Parsons by 176.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 828 shares of the company's stock worth $59,000 after acquiring an additional 528 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company's stock.

About Parsons

Parsons Corporation NYSE: PSN is a technology-driven engineering, construction, technical and professional services firm. The company delivers end-to-end solutions that span feasibility studies, design and engineering, construction management, system integration and ongoing operations support. Parsons serves both government and commercial clients and focuses on critical infrastructure, defense, security, intelligence and environmental programs.

Core services include program and construction management for transportation systems, water and environmental infrastructure, cybersecurity and advanced systems integration.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.