Parsons Corporation [NYSE: PSN] recently concluded the sale of its shares through an IPO conducted on the New York Stock Exchange. The company which deals in the provision of technology related solutions for the defense, critical infrastructure markets as well as intelligence put an end to the sale on May 10. The stocks had been priced at $27.00 but this price was before any sort of underwriting and commissions.
It was estimated that following the sale of 18,518,500 shares from its common stock, Parsons raised $462.9 million. This figure has been arrived at after subtracting all the underwriting discounts, commissions and the expenses associated with the public offering.
Following the successful IPO, Parsons’ stocks launched on NYSE on May 10 under the symbol PSN. The offering books were under the leadership of Goldman Sachs & Co. LLC, BofA Merrill Lynch and Morgan Stanley. In addition to that, Jefferies and Wells Fargo Securities were both Senior Co-Managers and Cowen while SunTrust Robinson Humphrey, Scotiabank, and MUFG worked as the offering’s co-managers.
Parsons is a company that focuses on providing cutting edge technology-driven defense, intelligence as well as critical infrastructure markets. The firm has been in existing for the last 75 years. Other services include the provision of technical designs and other related engineering services that relates to the software in the market. It is a global leader in cybersecurity, intelligence, military training, defense and other related industries. It also offers physical infrastructure for mobility challenges. The firm is known for its careful selection of talent and professions working in its modern facilities.
(NYSE:PSN) Technical and Fundamental Picture
Parsons stock closed the trading on May 15 at $32.45 following a +0.70 relative change. The stock had gone up by 2.20% at 4:02 PM EDT. It achieved an NLS volume of 454,088. PSN closed the trading on Tuesday at $31.75 but rose to highs of $32.495 yesterday. Intraday lows of $31 were recorded on the same day. The stock’s 52-weej high is at $32.60 while the low is $29.03. The shares traded on Wednesday amounted to 648,868. Parsons market capitalization stands at $3.1 billion.
(NYSE;PSN) Hourly Chart
As far as the technical picture is concerned PSN is still in a positive zone and could trend higher before the close this week’s trading. Since the debut on the New York Stock Exchange, it has formed formidable higher highs and higher lows above the ascending trendline. However, at the moment, we can expect the stock to trade sideways above the short-term support at $32.00. Both the RSI and the MACD are sending slightly bullish signals. Moreover, the price is sitting comfortably above the 21 Simple Moving Average (SMA). For technical traders, this is one of the best stock on the market to set their positions.