Forgent Power Solutions (NYSE:FPS) Stock Price Down 5.9% – Here’s Why

Forgent Power Solutions, Inc. (NYSE:FPS)’s stock price was down 5.9% on Wednesday . The stock traded as low as $33.66 and last traded at $34.0550. 1,662,128 shares were traded during trading, a decline of 73% from the average session volume of 6,110,981 shares. The stock had previously closed at $36.18.

Wall Street Analyst Weigh In

Several research firms recently commented on FPS. The Goldman Sachs Group increased their target price on shares of Forgent Power Solutions from $49.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Wolfe Research restated an “outperform” rating and issued a $60.00 target price on shares of Forgent Power Solutions in a report on Thursday, July 9th. Oppenheimer increased their price target on Forgent Power Solutions from $43.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Jefferies Financial Group lifted their price target on Forgent Power Solutions from $44.00 to $56.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Finally, TD Securities restated a “buy” rating and set a $63.00 price objective on shares of Forgent Power Solutions in a report on Friday, May 15th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.75.

Forgent Power Solutions Stock Performance

The business’s 50 day simple moving average is $44.63. The stock has a market capitalization of $10.13 billion and a P/E ratio of 221.87. 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 Investors Weigh In On Forgent Power Solutions

Several hedge funds have recently bought and sold shares of FPS. Spyglass Capital Management LLC purchased a new position in Forgent Power Solutions during the 2nd quarter valued at about $39,401,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Forgent Power Solutions during the second quarter worth approximately $23,123,000. Bank of New York Mellon Corp grew its position in Forgent Power Solutions by 813.0% during the second quarter. Bank of New York Mellon Corp now owns 326,317 shares of the company’s stock valued at $18,228,000 after purchasing an additional 290,577 shares in the last quarter. Moore Capital Management LP acquired a new position in Forgent Power Solutions in the 2nd quarter valued at approximately $10,401,000. Finally, Kerrisdale Advisers LLC acquired a new stake in shares of Forgent Power Solutions during the 2nd quarter valued at $6,512,000.

About Forgent Power Solutions

We are a leading designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities. Demand for our products is growing rapidly as (i) companies accelerate investment in data centers to meet the computational requirements for cloud computing and AI, (ii) independent power producers build new generation capacity to satisfy rising electricity demand, (iii) utilities upgrade and expand T&D infrastructure to address rapid load growth and (iv) manufacturers reshore their factories to secure their supply chains and mitigate the impact of tariffs.