Forgent Power Solutions (NYSE:FPS) Trading Down 7.7% – Here’s Why

Forgent Power Solutions, Inc. (NYSE:FPS)’s stock price fell 7.7% on Friday . The stock traded as low as $36.10 and last traded at $35.9540. 1,895,550 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 5,866,247 shares. The stock had previously closed at $38.96.

Wall Street Analysts Forecast Growth

FPS has been the subject of a number of recent analyst reports. Barclays raised their price objective on shares of Forgent Power Solutions from $44.00 to $55.00 and gave the company an “overweight” rating in a research report on Friday, May 15th. KeyCorp increased their target price on Forgent Power Solutions from $41.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, May 15th. Robert W. Baird initiated coverage on Forgent Power Solutions in a report on Wednesday, July 15th. They issued an “outperform” rating and a $55.00 price target for the company. Oppenheimer lifted their price target on Forgent Power Solutions from $43.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Finally, The Goldman Sachs Group upped their price objective on Forgent Power Solutions from $49.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $56.75.

Forgent Power Solutions Price Performance

The firm’s 50-day moving average is $51.02. The company has a market cap of $11.15 billion and a P/E ratio of 243.87.

About Forgent Power Solutions

We are a leading designer and manufacturer of electrical distribution equipment used in data centers, the power grid and energy-intensive industrial facilities. Demand for our products is growing rapidly as (i) companies accelerate investment in data centers to meet the computational requirements for cloud computing and AI, (ii) independent power producers build new generation capacity to satisfy rising electricity demand, (iii) utilities upgrade and expand T&D infrastructure to address rapid load growth and (iv) manufacturers reshore their factories to secure their supply chains and mitigate the impact of tariffs.