Pershing Square (NYSE:PS) Shares Down 7.7% on Analyst Downgrade

Pershing Square Inc. (NYSE:PS)’s stock price dropped 7.7% during mid-day trading on Tuesday after JonesTrading downgraded the stock from a buy rating to a hold rating. The stock traded as low as $54.50 and last traded at $54.64. Approximately 95,979 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 430,450 shares. The stock had previously closed at $59.17.

Other research analysts also recently issued reports about the stock. Wells Fargo & Company upped their target price on shares of Pershing Square from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Thursday, September 3rd. Citigroup downgraded shares of Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research note on Wednesday, August 19th. Tigress Financial lifted their target price on Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. Royal Bank Of Canada dropped their price objective on Pershing Square from $40.00 to $38.00 and set a “sector perform” rating on the stock in a report on Monday, July 13th. Finally, Wall Street Zen cut Pershing Square from a “hold” rating to a “sell” rating in a research note on Sunday, June 7th. One research analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.33.

Institutional Investors Weigh In On Pershing Square

Hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new stake in Pershing Square during the 2nd quarter valued at $132,000. NewEdge Advisors LLC bought a new position in shares of Pershing Square in the second quarter worth $1,702,000. Readystate Asset Management LP acquired a new position in shares of Pershing Square during the second quarter valued at $822,000. Proficio Capital Partners LLC acquired a new position in shares of Pershing Square during the second quarter valued at $1,459,000. Finally, Ancora Advisors LLC bought a new stake in shares of Pershing Square during the second quarter valued at about $302,000.

Pershing Square Stock Performance

The company has a market capitalization of $22.31 billion and a price-to-earnings ratio of 398.36. The stock has a fifty day moving average price of $41.09.

Pershing Square (NYSE:PS) last released its earnings results on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.12 by $0.02. The company had revenue of $68.03 million for the quarter. As a group, research analysts predict that Pershing Square Inc. will post 0.56 earnings per share for the current year.

Pershing Square Company Profile

Pershing Square USA, Ltd. is a closed-end investment company listed on the New York Stock Exchange under the symbol PS. The company is designed to provide investors with long-term capital appreciation through a concentrated portfolio of investments in publicly traded businesses.

The fund is managed by Pershing Square Capital Management, L.P., an investment management firm founded and led by William A. Ackman. Its investment approach generally emphasizes detailed fundamental research, activist engagement when appropriate, and ownership of a limited number of companies that the manager believes have durable business models, strong management teams, and long-term growth potential.

Pershing Square USA primarily focuses on publicly traded companies in the United States and other developed markets, with investment decisions centered on individual business fundamentals rather than broad market exposure.