Pershing Square (NYSE:PS) Now Covered by JonesTrading

JonesTrading started coverage on shares of Pershing Square (NYSE:PS) in a research report issued on Wednesday,Benzinga reports. The firm set a “buy” rating and a $39.00 price target on the stock. JonesTrading’s price objective points to a potential upside of 17.54% from the company’s previous close.

PS has been the topic of several other research reports. Royal Bank Of Canada started coverage on Pershing Square in a research note on Tuesday, May 26th. They issued a “sector perform” rating and a $40.00 price target on the stock. Loop Capital initiated coverage on Pershing Square in a research report on Tuesday, May 26th. They set a “buy” rating and a $49.00 price objective for the company. Citigroup started coverage on shares of Pershing Square in a report on Tuesday, May 26th. They issued a “buy” rating and a $50.00 price objective on the stock. Bank of America initiated coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They set a “neutral” rating and a $42.00 target price for the company. Finally, Oppenheimer assumed coverage on shares of Pershing Square in a report on Tuesday, May 26th. They issued a “market perform” rating on the stock. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $42.00.

Pershing Square Stock Down 6.2%

Shares of Pershing Square stock opened at $33.18 on Wednesday. The stock has a 50 day simple moving average of $35.75. The stock has a market capitalization of $13.27 billion, a price-to-earnings ratio of -40.21 and a beta of 2.27. Pershing Square has a fifty-two week low of $22.01 and a fifty-two week high of $54.94.

Insider Activity at Pershing Square

In other news, CEO William A. Ackman bought 800,000 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was purchased at an average price of $23.77 per share, for a total transaction of $19,016,000.00. Following the completion of the purchase, the chief executive officer owned 1,500,000 shares in the company, valued at approximately $35,655,000. This trade represents a 114.29% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 21.79% of the company’s stock.

Pershing Square Company Profile

Pershing Square (NYSE: PS) is a publicly traded investment holding company managed by Pershing Square Capital Management, L.P., the investment firm founded and led by William “Bill” Ackman. The vehicle provides outside investors with exposure to the firm’s concentrated, actively managed investment program and is designed to deliver long?term capital appreciation through a portfolio of equity and related positions.

The company’s principal activities center on investing in publicly traded companies, typically through concentrated long equity positions and selectively using derivatives or other instruments for hedging or to implement investment views.