Pershing Square (NYSE:PS) Stock Bumped Down to Sell by Citigroup

Pershing Square (NYSE:PS) was downgraded by investment analysts at Citigroup from a “neutral” rating to a “sell” rating in a research note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $45.00 price target on the stock. Citigroup’s target price suggests a potential downside of 17.48% from the company’s current price.

Other research analysts have also issued research reports about the company. Tigress Financial upped their price objective on Pershing Square from $39.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, September 3rd. Royal Bank Of Canada upped their price objective on Pershing Square from $41.00 to $44.00 and gave the company a “sector perform” rating in a report on Monday. Wells Fargo & Company started coverage on Pershing Square in a report on Thursday, October 1st. They issued an “underweight” rating and a $41.00 price objective for the company. JonesTrading lowered Pershing Square from a “buy” rating to a “hold” rating in a report on Tuesday, September 29th. Finally, Weiss Ratings upgraded Pershing Square from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Pershing Square has an average rating of “Reduce” and a consensus price target of $42.56.

Pershing Square Stock Performance

PS traded up $0.09 during trading on Friday, reaching $54.53. 163,596 shares of the company were exchanged, compared to its average volume of 422,082. The firm has a market capitalization of $21.81 billion and a PE ratio of 389.50. The business’s 50 day moving average price is $44.11. Pershing Square has a 52 week low of $22.01 and a 52 week high of $60.40.

Pershing Square (NYSE:PS) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. The company had revenue of $68.03 million for the quarter. On average, analysts forecast that Pershing Square will post 0.55 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PS. Rivernorth Capital Management LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $14,787,000. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $9,858,000. Equitec Proprietary Markets LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $3,828,000. NewEdge Advisors LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $1,702,000. Finally, Proficio Capital Partners LLC acquired a new position in shares of Pershing Square during the 2nd quarter valued at about $1,459,000.

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.