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

Shares of Pershing Square Inc. (NYSE:PS) traded up 7.3% during mid-day trading on Thursday . The company traded as high as $39.88 and last traded at $39.76. 116,953 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 829,045 shares. The stock had previously closed at $37.07.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Bank of America assumed coverage on shares of Pershing Square in a research note on Tuesday. They issued a “neutral” rating and a $42.00 price objective for the company. Citigroup assumed coverage on shares of Pershing Square in a research note on Tuesday. They issued a “buy” rating and a $50.00 price objective for the company. Jefferies Financial Group began coverage on shares of Pershing Square in a research note on Monday. They issued a “hold” rating and a $40.00 price objective for the company. Royal Bank Of Canada began coverage on shares of Pershing Square in a report on Tuesday. They issued a “sector perform” rating and a $40.00 target price on the stock. Finally, Oppenheimer began coverage on shares of Pershing Square in a report on Tuesday. They issued a “market perform” rating on the stock. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $42.43.

Pershing Square Stock Performance

The company has a market capitalization of $5.80 billion, a price-to-earnings ratio of -33.69 and a beta of 2.27.

Insiders Place Their Bets

In other news, CEO William A. Ackman acquired 800,000 shares of the firm’s 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 of the company’s stock, valued at $35,655,000. This represents a 114.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate 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.