Why Shares Of Mercury Systems Are Trading Lower Today

Mercury Systems MRCY shares are trading lower after the company late Tuesday cut its FY21 guidance.

The company late Tuesday reported Q3 earnings and cut its FY21 adjusted EPS guidance from $2.35-$2.42 to $2.35-$2.37 vs the consensus estimate of $2.40. The company also cut its sales guidance from $925M-$945M to $910M-$920M vs the $938.64M consensus estimate. 

Canaccord Genuity analysts downgraded the stock from Buy to Hold and lowered their price target from $94 to $74 following the report. 

Mercury Systems, Inc. manufactures and sells components, modules and subsystems in the United States, Europe and the Asia Pacific. 

At the time of publication, the stock was trading 18.5% lower at $57.19. The stock has a 52-week low of $52.43 and a 52-week high of $92.98.