Parsons Corp [NYSE: PSN] traded at a high on Thursday, posting a 5.51 gain after which it closed the day’ session at $79.44. The company report on February 22, 2024 at 7:00 AM that Parsons Announces Pricing Of $700.0 Million Of Convertible Senior Notes Due 2029; Enters into Concurrent Capped Call Transactions to Offset Potential Dilution.
The notes will be senior unsecured obligations of Parsons. The notes will bear interest at a rate of 2.625% per annum, payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2024. The notes will mature on March 1, 2029, unless earlier repurchased, redeemed or converted.
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The results of the trading session contributed to over 4736612 shares changing hands. Over the past one week, the price volatility of Parsons Corp stands at 2.97% while the volatility over the past one month is 2.16%.
The market cap for PSN stock reached $8.41 billion, with 105.84 million shares outstanding and 104.73 million shares in the current float. Compared to the average trading volume of 588.02K shares, PSN reached a trading volume of 4736612 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Parsons Corp [PSN]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PSN shares is $80.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PSN stock is a recommendation set at 1.67. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Robert W. Baird have made an estimate for Parsons Corp shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 16, 2024. While these analysts kept the previous recommendation, KeyBanc Capital Markets raised their target price to Overweight. The new note on the price target was released on January 10, 2024, representing the official price target for Parsons Corp stock. Previously, the target price had yet another raise from $46 to $65, while BofA Securities kept a Buy rating on PSN stock. On July 28, 2023, analysts increased their price target for PSN shares from 50 to 60.
The Average True Range (ATR) for Parsons Corp is set at 1.79, with the Price to Sales ratio for PSN stock in the period of the last 12 months amounting to 1.54. The Price to Book ratio for the last quarter was 3.68, with the Price to Cash per share for the same quarter was set at 2.58. Price to Free Cash Flow for PSN in the course of the last twelve months was 22.89 with Quick ratio for the last quarter at 1.52.
How has PSN stock performed recently?
Parsons Corp [PSN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.71. With this latest performance, PSN shares gained by 20.56% in over the last four-week period, additionally plugging by 42.01% over the last 6 months – not to mention a rise of 77.56% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PSN stock in for the last two-week period is set at 88.46, with the RSI for the last a single of trading hit 92.27, and the three-weeks RSI is set at 84.92 for Parsons Corp [PSN]. The present Moving Average for the last 50 days of trading for this stock 65.66, while it was recorded at 75.79 for the last single week of trading, and 56.47 for the last 200 days.
Parsons Corp [PSN]: Deeper insight into the fundamentals
Parsons Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.52 and a Current Ratio set at 1.52.
Earnings analysis for Parsons Corp [PSN]
With the latest financial reports released by the company, Parsons Corp posted 0.43/share EPS, while the average EPS was predicted by analysts to be reported at 0.43/share. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PSN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Parsons Corp go to 10.80%.
Insider trade positions for Parsons Corp [PSN]
The top three institutional holders of PSN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PSN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PSN stock with ownership which is approximately 5.8325%.
