Parsons (NYSE:PSN) Sets New 1-Year Low – Here’s Why

Parsons Co. (NYSE:PSN)’s stock price hit a new 52-week low on Friday . The company traded as low as $72.25 and last traded at $72.82, with a volume of 225126 shares traded. The stock had previously closed at $73.40.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PSN. TD Cowen lowered their price target on Parsons from $117.00 to $105.00 and set a “buy” rating on the stock in a report on Wednesday, January 8th. Robert W. Baird lifted their target price on Parsons from $103.00 to $125.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. The Goldman Sachs Group upgraded Parsons from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $111.00 in a research note on Thursday, December 12th. KeyCorp lowered their price objective on shares of Parsons from $122.00 to $102.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Raymond James cut shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $107.33.

Parsons Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.55 and a current ratio of 1.55. The stock has a market capitalization of $7.75 billion, a PE ratio of 110.57, a P/E/G ratio of 1.17 and a beta of 0.73. The company’s fifty day simple moving average is $89.37 and its two-hundred day simple moving average is $95.94.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. CIBC Private Wealth Group LLC purchased a new position in Parsons during the fourth quarter worth $25,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Parsons in the fourth quarter valued at approximately $25,000. ORG Wealth Partners LLC purchased a new position in shares of Parsons during the fourth quarter valued at approximately $26,000. True Wealth Design LLC acquired a new stake in Parsons during the third quarter worth approximately $30,000. Finally, Huntington National Bank boosted its position in Parsons by 28,900.0% during the fourth quarter. Huntington National Bank now owns 290 shares of the company’s stock worth $27,000 after acquiring an additional 289 shares during the last quarter. 98.02% of the stock is owned by hedge funds and other institutional investors.

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.