Parsons (NYSE:PSN) Sets New 52-Week Low – Here’s What Happened

Parsons Co. (NYSE:PSN)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $56.87 and last traded at $58.84, with a volume of 92337 shares traded. The stock had previously closed at $58.94.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PSN. KeyCorp decreased their price target on Parsons from $122.00 to $102.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Jefferies Financial Group decreased their target price on shares of Parsons from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, January 24th. Robert W. Baird dropped their price target on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. Benchmark reiterated a “buy” rating and set a $90.00 price objective on shares of Parsons in a research report on Wednesday. Finally, Truist Financial lowered their target price on shares of Parsons from $130.00 to $110.00 and set a “buy” rating for the company in a research note on Friday, November 22nd. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $99.44.

Parsons Stock Performance

The firm has a market capitalization of $6.22 billion, a PE ratio of 76.61, a PEG ratio of 0.93 and a beta of 0.73. The company has a quick ratio of 1.55, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average of $82.96 and a 200 day moving average of $94.33.

Institutional Investors Weigh In On Parsons

A number of institutional investors have recently made changes to their positions in PSN. Creative Planning increased its stake in shares of Parsons by 15.0% during the third quarter. Creative Planning now owns 8,490 shares of the company’s stock valued at $880,000 after buying an additional 1,109 shares during the period. Louisiana State Employees Retirement System bought a new stake in Parsons in the third quarter worth $1,337,000. Wealth Enhancement Advisory Services LLC grew its position in Parsons by 63.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,707 shares of the company’s stock valued at $592,000 after purchasing an additional 2,209 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Parsons during the third quarter valued at approximately $72,000. Finally, State of Alaska Department of Revenue purchased a new position in shares of Parsons in the third quarter worth $561,000. Hedge funds and other institutional investors own 98.02% of the company’s stock.

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.