Mercury Systems Inc. (NASDAQ:MRCY) shares dropped 2% during trading on Wednesday . The stock traded as low as $24.21 and last traded at $25.22, with a volume of 277,121 shares traded. The stock had previously closed at $25.74.

MRCY has been the topic of several recent research reports. Noble Financial reaffirmed a “hold” rating on shares of Mercury Systems in a report on Wednesday. They noted that the move was a valuation call. Zacks Investment Research cut shares of Mercury Systems from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 19th. KeyCorp reaffirmed a “buy” rating on shares of Mercury Systems in a report on Wednesday, April 20th. Jefferies Group reaffirmed a “hold” rating and set a $27.00 target price (up from $22.00) on shares of Mercury Systems in a report on Thursday. Finally, Citigroup Inc. started coverage on shares of Mercury Systems in a report on Friday, June 10th. They set a “buy” rating and a $27.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $27.00.

The stock’s 50-day moving average price is $25.04 and its 200 day moving average price is $20.73. The stock has a market cap of $873.43 million and a price-to-earnings ratio of 41.25.

Mercury Systems (NASDAQ:MRCY) last released its earnings results on Tuesday, August 2nd. The company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.15. The company earned $85.40 million during the quarter, compared to analysts’ expectations of $69.51 million. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year. Equities analysts anticipate that Mercury Systems Inc. will post $0.73 EPS for the current fiscal year.

A number of hedge funds and institutional investors recently added to or reduced their stakes in the stock. Marshall Wace LLP bought a new position in Mercury Systems during the fourth quarter worth $1,945,000. Russell Frank Co boosted its position in Mercury Systems by 38.5% in the fourth quarter. Russell Frank Co now owns 222,536 shares of the company’s stock worth $4,203,000 after buying an additional 61,896 shares during the last quarter. California Public Employees Retirement System boosted its position in Mercury Systems by 17.9% in the fourth quarter. California Public Employees Retirement System now owns 135,196 shares of the company’s stock worth $2,482,000 after buying an additional 20,500 shares during the last quarter. California State Teachers Retirement System boosted its position in Mercury Systems by 1.7% in the fourth quarter. California State Teachers Retirement System now owns 63,342 shares of the company’s stock worth $1,163,000 after buying an additional 1,084 shares during the last quarter. Finally, I.G. Investment Management LTD. boosted its position in Mercury Systems by 0.3% in the fourth quarter. I.G. Investment Management LTD. now owns 55,466 shares of the company’s stock worth $1,018,000 after buying an additional 145 shares during the last quarter.

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