Parsons Shares Plunge 26% Despite Securing Defense Contract

(RTTNews) - Parsons Corp. (PSN) is down 25.73 percent, falling $21.73 to $62.73 on Friday, despite announcing it has been selected by the Defense Threat Reduction Agency as an awardee for the CTRIC IV contract. The $3.5 billion IDIQ contract, spanning up to ten years, supports global efforts to reduce threats from weapons of mass destruction and enhance partner-nation security capabilities.

Parsons is currently trading at $62.73 versus a previous close of $84.46. The stock opened at $67.00 and has moved between $62.33 and $68.75 so far today, with trading volume at 6,027,497 shares.

The company's 52-week range is $54.56 to $99.53.