The stock of Parsons Corporation (NYSE:PSN) is now priced at $34.55 and the shares are -0.42 points down or -1.2% lower compared to its previous closing price of $34.97. The stock had 360512 contracts set over the past session. PSN shares’ daily volume is compared to its average trading volume at 300509 shares. However, it has a float of 101 million and although its performance was 1.14% over the week, it’s one to watch. Analysts have given the PSN stock a yearly average price target of $42.44 per share. It means the stock’s upside potential is 22.84% with the PSN share price recently placing at $34.52 to $35.97. However, some brokerage firms have priced the stock below the average, including one that has called $39.

The shorts are running away from the Parsons Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the PSN shares have declined. Short interest in the stock represents just 1.16% of its float, but the volume has dropped by 0. The volume of shorted shares dropped to from shares over the last two weeks. The average intraday trading volume has been shares, which means that days to cover moved to roughly .

In the last trading session, Parsons Corporation (NYSE:PSN) raised by $0.39 over the week and lost -$7.5 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $45.4. The stock recorded its established 52-week high on 02/19/20.

Since 03/18/20, the stock has traded to a low of $24.67 at 40.05%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.

Looking at current readings, Parsons Corporation’s two-week RSI is 36.87. This suggests that the stock is neutral at the moment and that PSN shares’ price movement remains stable. The stochastic readings are equally revealing at 14.81% meaning the PSN share price is currently in overbought territory.

The technical chart shows that the PSN stock will likely settle at between $35.51 and $36.46 per share. However, if the stock dips below $34.06, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $33.56.

Currently, the stock is trading in the red of MACD, with a reading of -0.51. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Maxim Group assigned PSN a rating of Buy in their intiating review released on April 15. William Blair analysts see the stock as a Outperform with a target price of $ in a flash note released to investors on March 31 initiating covering the stock. Stifel seeing the improvements upgraded the stock from Hold to Buy on March 11, placing it at $44 to $45.

The average rating for the PSN equity is 2.1 and is currently gathering a bullish momentum. Of 10 analysts tracking Parsons Corporation polled by Reuters, 2 rated PSN as a hold. The remaining 8 analysts were split evenly. However, the split wasn’t equal as a majority (7) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the PSN stock price is 24.77X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 28.1 above the group’s average of 24.7. Parsons Corporation has its P/E ratio at 2.1, which means that the stock is currently trading at a discount relative to the 4.1 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for Parsons Corporation (NYSE:PSN) will increase by about 1.66%, which will see them reach $987.11 million. The company’s full-year revenues are, however, expected to increase by about 1.77%, up from $3.95 billion to $4020 million. PSN’s expected adjusted earnings should drop almost -34.09% to end up at $0.29 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -9.23% to record $1.18/share.


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