Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Down on Disappointing Earnings

Shares of Perella Weinberg Partners (NASDAQ:PWP) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $18.85, but opened at $17.46. Perella Weinberg Partners shares last traded at $17.07, with a volume of 740,204 shares traded.

The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The business had revenue of $164.65 million for the quarter, compared to analysts’ expectations of $179.83 million. Perella Weinberg Partners had a negative return on equity of 26.14% and a net margin of 6.57%.

Analyst Upgrades and Downgrades

PWP has been the subject of several research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Perella Weinberg Partners in a research note on Wednesday, October 8th. Wall Street Zen lowered Perella Weinberg Partners from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. Finally, Keefe, Bruyette & Woods dropped their price target on Perella Weinberg Partners from $24.00 to $21.00 and set a “hold” rating for the company in a research report on Monday, October 13th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Perella Weinberg Partners has a consensus rating of “Hold” and an average target price of $22.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Perella Weinberg Partners in the first quarter valued at about $40,000. State of Alaska Department of Revenue purchased a new stake in shares of Perella Weinberg Partners in the 3rd quarter valued at approximately $53,000. CWM LLC grew its stake in shares of Perella Weinberg Partners by 162.4% in the 2nd quarter. CWM LLC now owns 3,936 shares of the company’s stock valued at $76,000 after buying an additional 2,436 shares during the period. New York State Teachers Retirement System acquired a new stake in shares of Perella Weinberg Partners during the 2nd quarter worth approximately $92,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Perella Weinberg Partners by 460.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,151 shares of the company’s stock valued at $100,000 after buying an additional 4,232 shares during the period. Institutional investors and hedge funds own 41.07% of the company’s stock.

Perella Weinberg Partners Price Performance

The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 20.42 and a beta of 1.63. The business has a fifty day moving average of $20.70 and a 200 day moving average of $19.83.

About Perella Weinberg Partners

Perella Weinberg Partners, an independent investment banking company, provides strategic and financial advice services in the United States and internationally. The company offers advisory services related to strategic and financial decisions, mergers and acquisition execution, shareholder and defense advisory, and financing and capital solutions advice with resources focused on restructuring, liability management, and capital markets advisory, as well as underwriting and research services primarily for the energy and related industries.