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Chart of the Day: Parsons - One of the Best IT Stocks
The Chart of the Day belongs to the IT services company Parsons (PSN) . I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 10/11 the stock gained 6.19%.
Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. It operates through two segments, Federal Solutions and Critical Infrastructure. The company offers cybersecurity; missile defense technical solutions; C5ISR; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; nuclear and chemical waste remediation; border security and critical infrastructure protection; counter unmanned air systems; and biometrics and biosurveillance solutions to U.S. Department of Defense, including military services; Missile Defense Agency, the Department of Energy; the Department of State; the Department of Homeland Security, and the Federal Aviation Administration. Further, it provides integrated traffic solutions for arterials, smart intersections, airport landside, ports, and tolling integrators; systems optimization, communications-based train control, rail system design and system assurance services; engineering, program management, and environmental solutions to private sector industrial clients and public utilities; digital transformation, advisory services, AI/ML, and digital twin and cyber services; planning, engineering, and management services for infrastructure, including bridges and tunnels, roads and highways, water and wastewater, and dams and reservoirs. Parsons Corporation was founded in 1944 and is headquartered in Centreville, Virginia.
Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart Technical Indicators:
- 100% technical buy signals
- 37.67+ Weighted Alpha
- 31.41% gain in the last year
- Trend Seeker buy signal
- Above its 20, 50 and 100 day moving averages
- 10 new highs and up 12.77% in the last month
- Relative Strength Index 75.02%
- Technical support level at $56.02
- Recently traded at $61.07 with 50 day moving average of $56.12
Fundamental Factors:
- Market Cap $8.91 billion
- P/E 31.20
- Revenue expected to grow 19.40% this year and another 5.90% next year
- Earning estimated to increase 25.40% this year, an additional 15.00% next year and continue to compound at an annual rate of 10.80% for the next 5 years
Analysts and Investor Sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:
- Wall Street analyst gave 6 strong buy,1 buy, and 3 hold opinions on the stock
- Analysts' price targets are between $53 and $76
- The individual investors following the stock on Motley Fool voted 8 to 1 for the stock to beat the market with the more experienced investors voting 3 to 1 for the same result
- Value Line rates its an average of 3 with a price target of $66
- CFRAs MarketScope rates it a hold
- 2,470 investors monitor the stock on Seeking Alpha
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.
On the date of publication, Jim Van Meerten did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
