Parsons (NYSE:PSN) Reaches New 1-Year Low After Analyst Downgrade

Parsons Co. (NYSE:PSN) shares reached a new 52-week low during mid-day trading on Thursday after TD Cowen downgraded the stock from a buy rating to a hold rating. TD Cowen now has a $105.00 price target on the stock. Parsons traded as low as $61.71 and last traded at $65.01, with a volume of 5201421 shares changing hands. The stock had previously closed at $73.50.

Several other equities analysts have also recently commented on PSN. Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. William Blair upgraded shares of Parsons from a “market perform” rating to an “outperform” rating in a research note on Tuesday. The Goldman Sachs Group upgraded Parsons from a “neutral” rating to a “buy” rating and boosted their price target for the company from $103.00 to $111.00 in a research note on Thursday, December 12th. Truist Financial reduced their price objective on Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research report on Friday, November 22nd. Finally, Jefferies Financial Group decreased their price objective on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Parsons currently has an average rating of “Moderate Buy” and a consensus target price of $102.11.

Institutional Trading of Parsons

Several institutional investors have recently bought and sold shares of the stock. CIBC Private Wealth Group LLC bought a new position in shares of Parsons during the fourth quarter valued at $25,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Parsons during the 4th quarter worth about $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Parsons during the 4th quarter worth about $26,000. Huntington National Bank lifted its holdings in Parsons by 28,900.0% during the 4th quarter. Huntington National Bank now owns 290 shares of the company’s stock valued at $27,000 after purchasing an additional 289 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Parsons by 224.7% in the fourth quarter. GAMMA Investing LLC now owns 315 shares of the company’s stock valued at $29,000 after buying an additional 218 shares in the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Price Performance

The stock has a market capitalization of $6.35 billion, a P/E ratio of 78.22, a PEG ratio of 0.93 and a beta of 0.73. The company’s 50 day simple moving average is $86.65 and its two-hundred day simple moving average is $95.41. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.55.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.