Pershing Square (NYSE:PS) Shares Up 7.3% – What’s Next?

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

Analysts Set New Price Targets

A number of analysts have weighed in on PS shares. Loop Capital initiated coverage on shares of Pershing Square in a research report on Tuesday. They issued a “buy” rating and a $49.00 target price on the stock. Royal Bank Of Canada started coverage on Pershing Square in a research note on Tuesday. They issued a “sector perform” rating and a $40.00 price target for the company. Jefferies Financial Group initiated coverage on Pershing Square in a report on Monday. They set a “hold” rating and a $40.00 price objective on the stock. Citigroup initiated coverage on Pershing Square in a research report on Tuesday. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Wall Street Zen raised Pershing Square to a “hold” rating in a report on Saturday. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $42.43.

Pershing Square Trading Up 1.9%

The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of -40.57 and a beta of 2.27.

Insider Activity at Pershing Square

In other Pershing Square news, CEO William A. Ackman acquired 800,000 shares of Pershing Square stock in a transaction that occurred on Thursday, April 30th. The shares were bought at an average price of $23.77 per share, with a total value of $19,016,000.00. Following the completion of the purchase, the chief executive officer directly owned 1,500,000 shares in the company, valued at $35,655,000. This trade represents a 114.29% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 21.79% of the company’s stock.

Pershing Square Company Profile

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.