Parsons (NYSE:PSN) Trading 6.3% Higher – Should You Buy?

Parsons Co. (NYSE:PSN) shares traded up 6.3% during mid-day trading on Wednesday . The company traded as high as $64.23 and last traded at $63.34. 1,725,632 shares traded hands during mid-day trading, an increase of 67% from the average session volume of 1,034,517 shares. The stock had previously closed at $59.56.

Wall Street Analyst Weigh In

PSN has been the topic of a number of research reports. TD Cowen cut shares of Parsons from a “buy” rating to a “hold” rating and set a $105.00 target price on the stock. in a report on Friday, February 21st. Robert W. Baird dropped their price objective on shares of Parsons from $125.00 to $78.00 and set an “outperform” rating on the stock in a research note on Thursday, February 20th. Raymond James downgraded shares of Parsons from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 2nd. Jefferies Financial Group dropped their price target on Parsons from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Finally, The Goldman Sachs Group reduced their price objective on Parsons from $109.00 to $98.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Parsons presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.50.

Parsons Trading Up 5.8 %

The stock has a fifty day simple moving average of $67.14 and a 200 day simple moving average of $88.59. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.55 and a current ratio of 1.29. The firm has a market cap of $6.73 billion, a P/E ratio of 82.94, a price-to-earnings-growth ratio of 0.93 and a beta of 0.78.

Parsons declared that its Board of Directors has authorized a share buyback program on Monday, March 24th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Parsons

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

About Parsons

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.