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

Pershing Square Inc. (NYSE:PS) fell 7.7% 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. 95,979 shares were traded during trading, a decline of 78% from the average daily volume of 430,450 shares. The stock had previously closed at $59.17.

PS has been the topic of several other research reports. Citigroup lowered Pershing Square from a “buy” rating to a “neutral” rating and set a $45.00 price target on the stock. in a report on Wednesday, August 19th. Weiss Ratings raised shares of Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Tigress Financial raised their target price on shares of Pershing Square from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Wall Street Zen cut shares of Pershing Square from a “hold” rating to a “sell” rating in a research note on Sunday, June 7th. Finally, Wells Fargo & Company increased their price objective on shares of Pershing Square from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 3rd. One investment 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $41.33.

Institutional Trading of Pershing Square

Several institutional investors and hedge funds have recently modified their holdings of PS. Integrated Wealth Concepts LLC bought a new position in Pershing Square in the second quarter worth approximately $132,000. Ancora Advisors LLC purchased a new stake in shares of Pershing Square in the 2nd quarter worth $302,000. Wedbush Securities Inc. bought a new position in shares of Pershing Square during the 2nd quarter worth $529,000. Hsbc Holdings PLC bought a new position in shares of Pershing Square during the 2nd quarter worth $775,000. Finally, Readystate Asset Management LP purchased a new position in shares of Pershing Square during the second quarter valued at $822,000.

Pershing Square Price Performance

The company’s fifty day moving average price is $41.09. The stock has a market cap of $22.31 billion and a PE ratio of 398.36.

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

About Pershing Square

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.