Forgent Power Solutions (NYSE:FPS) Shares Down 7.9% – Should You Sell?

Forgent Power Solutions, Inc. (NYSE:FPS) shares were down 7.9% during mid-day trading on Monday . The company traded as low as $29.05 and last traded at $29.3020. Approximately 1,260,414 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 6,021,528 shares. The stock had previously closed at $31.82.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Wolfe Research restated an “outperform” rating and set a $60.00 target price on shares of Forgent Power Solutions in a report on Thursday, July 9th. Robert W. Baird started coverage on shares of Forgent Power Solutions in a research note on Wednesday, July 15th. They set an “outperform” rating and a $55.00 price objective on the stock. Jefferies Financial Group raised their target price on shares of Forgent Power Solutions from $44.00 to $56.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Zacks Research cut Forgent Power Solutions from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 8th. Finally, Weiss Ratings lowered Forgent Power Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $56.75.

Forgent Power Solutions Stock Down 8.7%

The company has a market cap of $8.84 billion and a P/E ratio of 193.15. The company’s 50-day moving average is $36.27 and its two-hundred day moving average is $40.25. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.64 and a quick ratio of 1.16.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Spyglass Capital Management LLC purchased a new stake in shares of Forgent Power Solutions during the second quarter valued at $39,401,000. Scholtz & Company LLC bought a new stake in Forgent Power Solutions in the 2nd quarter worth about $1,892,000. Moore Capital Management LP purchased a new position in Forgent Power Solutions in the 2nd quarter worth about $10,401,000. Squarepoint Ops LLC bought a new position in Forgent Power Solutions during the 2nd quarter valued at about $13,440,000. Finally, Tidal Investments LLC purchased a new stake in shares of Forgent Power Solutions during the 2nd quarter valued at about $7,858,000.

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.