Pershing Square (NYSE:PS) Trading 7.3% Higher – Here’s What Happened

Pershing Square Inc. (NYSE:PS)’s stock price rose 7.3% during trading on Thursday . The company traded as high as $39.88 and last traded at $39.76. Approximately 116,953 shares changed hands during trading, a decline of 86% from the average daily volume of 829,045 shares. The stock had previously closed at $37.07.

Analysts Set New Price Targets

PS has been the topic of a number of research analyst reports. Bank of America initiated coverage on shares of Pershing Square in a report on Tuesday. They set a “neutral” rating and a $42.00 price objective on the stock. Royal Bank Of Canada initiated coverage on shares of Pershing Square in a report on Tuesday. They set a “sector perform” rating and a $40.00 price objective on the stock. UBS Group initiated coverage on shares of Pershing Square in a report on Tuesday. They set a “neutral” rating and a $39.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of Pershing Square in a report on Monday. They set a “hold” rating and a $40.00 price objective on the stock. Finally, Wells Fargo & Company initiated coverage on shares of Pershing Square in a report on Tuesday. They set an “equal weight” rating and a $37.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $42.43.

Pershing Square Stock Performance

The company has a market cap of $5.80 billion, a PE ratio of -33.69 and a beta of 2.27.

Insider Activity

In other Pershing Square news, CEO William A. Ackman acquired 800,000 shares of Pershing Square stock in a transaction on Thursday, April 30th. The shares were purchased at an average cost of $23.77 per share, with a total value 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 $35,655,000. The trade was a 114.29% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 21.79% of the company’s stock.

About Pershing Square

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.