Forgent Power Solutions (NYSE:FPS) Shares Up 6.7% - Here's Why

Key Points

• Forgent Power Solutions shares rose 6.7% to $31.17, with about 2.15 million shares traded—64% below the average session volume.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $56.75 price target. Recent targets range from $51 to $73, although Weiss Ratings downgraded the stock to “sell.”
• The company has a $9.51 billion market capitalization and trades at a notably high price-to-earnings ratio of 207.99; its 50-day and 200-day moving averages are $36.58 and $40.27, respectively.

Forgent Power Solutions, Inc. (NYSE:FPS - Get Free Report)'s stock price shot up 6.7% on Friday . The company traded as high as $31.13 and last traded at $31.17. 2,147,512 shares were traded during trading, a decline of 64% from the average session volume of 6,009,712 shares. The stock had previously closed at $29.20.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wolfe Research restated an "outperform" rating and issued a $60.00 price target on shares of Forgent Power Solutions in a research report on Thursday, July 9th. Weiss Ratings downgraded Forgent Power Solutions from a "hold (c-)" rating to a "sell (d+)" rating in a report on Tuesday, July 28th. Jefferies Financial Group boosted their price objective on Forgent Power Solutions from $44.00 to $56.00 and gave the company a "buy" rating in a research note on Friday, May 29th. Morgan Stanley upped their target price on Forgent Power Solutions from $38.00 to $51.00 and gave the company an "equal weight" rating in a research report on Sunday, May 17th. Finally, TD Cowen raised their target price on Forgent Power Solutions from $63.00 to $73.00 and gave the stock a "buy" rating in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Forgent Power Solutions currently has a consensus rating of "Moderate Buy" and a consensus price target of $56.75.

Forgent Power Solutions Price Performance

The company has a debt-to-equity ratio of 0.99, a current ratio of 1.64 and a quick ratio of 1.16. The business's fifty day moving average price is $36.58 and its 200-day moving average price is $40.27. The stock has a market capitalization of $9.51 billion and a price-to-earnings ratio of 207.99.

Institutional Trading of Forgent Power Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FPS. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Forgent Power Solutions during the second quarter valued at approximately $30,000. Triumph Capital Management bought a new position in Forgent Power Solutions during the 2nd quarter valued at $39,000. IFP Advisors Inc bought a new position in Forgent Power Solutions during the 2nd quarter valued at $48,000. Hollencrest Capital Management purchased a new position in Forgent Power Solutions during the 2nd quarter worth $56,000. Finally, Allworth Financial LP bought a new stake in shares of Forgent Power Solutions in the 2nd quarter worth $86,000.

Forgent Power Solutions Company Profile

Forgent Power Solutions, Inc develops and manufactures products used in electric power transmission and distribution infrastructure. Its offerings support the generation, transmission, distribution and management of electrical power for utility and industrial applications.

The company's product portfolio includes equipment and components used in overhead and underground power networks, including electrical connectors, fittings, line hardware and other engineered solutions designed to support the reliability and efficiency of power-delivery systems.

Forgent Power Solutions serves electric utilities, distributors and industrial customers, primarily through markets connected to North American power infrastructure.

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.