Shares of Parsons (NYSE: PSN) dropped 21.9% after losing a major government contract for U.S. air traffic control to Peraton. Despite being selected for a $3.5 billion Defense Threat Reduction Agency contract, the market reacted negatively. Truist Securities lowered Parsons’ price target to $90. Parsons stock is down 28% this year and trading 34.1% below its 52-week high. The company’s weaker outlook suggests a challenging quarter ahead. Investors are questioning whether now is the time to buy Parsons stock. The market’s reaction indicates significant impact on the business.

Overall, Parsons is facing challenges despite some positive news, leading to a significant drop in its stock price.

Read more at Barchart: Why Parsons (PSN) Shares Are Trading Lower Today