Forgent Power Solutions, Inc. (NYSE:FPS – Get Free Report) saw unusually large options trading on Monday. Stock traders acquired 21,324 call options on the company. This is an increase of 286% compared to the average daily volume of 5,519 call options.
Forgent Power Solutions Trading Down 8.8%
Shares of FPS stock traded down $2.80 during trading hours on Monday, hitting $29.02. 5,346,929 shares of the company were exchanged, compared to its average volume of 6,052,981. The firm has a fifty day moving average of $36.27 and a 200 day moving average of $40.25. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.99. Forgent Power Solutions has a 1 year low of $25.95 and a 1 year high of $66.00. The firm has a market cap of $8.84 billion and a PE ratio of 194.05.
Analysts Set New Price Targets
A number of research firms recently commented on FPS. TD Cowen lifted their price objective on Forgent Power Solutions from $63.00 to $73.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Jefferies Financial Group upped their target price on shares of Forgent Power Solutions from $44.00 to $56.00 and gave the company a “buy” rating in a report on Friday, May 29th. Weiss Ratings cut shares of Forgent Power Solutions from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, July 28th. Wolfe Research reiterated an “outperform” rating and set a $60.00 price target on shares of Forgent Power Solutions in a report on Thursday, July 9th. Finally, Robert W. Baird initiated coverage on shares of Forgent Power Solutions in a research note on Wednesday, July 15th. They set an “outperform” rating and a $55.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Forgent Power Solutions presently has an average rating of “Moderate Buy” and a consensus target price of $56.75.
Institutional Trading of Forgent Power Solutions
A number of institutional investors and hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Forgent Power Solutions in the 2nd quarter worth $30,000. Triumph Capital Management acquired a new stake in Forgent Power Solutions during the second quarter worth about $39,000. IFP Advisors Inc acquired a new stake in Forgent Power Solutions during the second quarter worth about $48,000. Hollencrest Capital Management purchased a new position in shares of Forgent Power Solutions in the 2nd quarter worth about $56,000. Finally, Allworth Financial LP acquired a new position in shares of Forgent Power Solutions in the 2nd quarter valued at about $86,000.
Forgent Power Solutions Company Profile
Forgent Power Solutions, Inc develops and manufactures products used in electric power transmission and distribution infrastructure. Its offerings support the generation, transmission, distribution and management of electrical power for utility and industrial applications.
The company’s product portfolio includes equipment and components used in overhead and underground power networks, including electrical connectors, fittings, line hardware and other engineered solutions designed to support the reliability and efficiency of power-delivery systems.
Forgent Power Solutions serves electric utilities, distributors and industrial customers, primarily through markets connected to North American power infrastructure.
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