Perella Weinberg Partners (NASDAQ:PWP) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Perella Weinberg Partners to “Hold” from “Buy.” The broader analyst consensus is also “Hold,” with an average price target of $22.00.
• PWP shares opened at $15.82, near their 50-day moving average and below the 200-day average. The stock has traded between $12.52 and $25.92 over the past year.
• The company beat quarterly expectations, reporting $0.20 in EPS versus a $0.06 consensus and revenue of $156.53 million versus $144.76 million expected. CEO Andrew Bednar sold shares to cover tax-withholding obligations, while insiders own 26.10% of the company.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings upgraded Perella Weinberg Partners from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday. The Goldman Sachs Group lifted their price objective on shares of Perella Weinberg Partners from $14.50 to $16.00 and gave the company a "sell" rating in a research report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and set a $21.00 price objective (up from $19.00) on shares of Perella Weinberg Partners in a research report on Monday, August 3rd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $22.00.

Perella Weinberg Partners Stock Up 0.4%

NASDAQ PWP opened at $15.82 on Friday. The firm has a market cap of $1.49 billion, a P/E ratio of 60.85 and a beta of 1.63. Perella Weinberg Partners has a 52-week low of $12.52 and a 52-week high of $25.92. The business's 50-day moving average price is $15.90 and its 200 day moving average price is $17.01.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.06 by $0.14. Perella Weinberg Partners had a negative return on equity of 35.84% and a net margin of 3.19%.The firm had revenue of $156.53 million during the quarter, compared to the consensus estimate of $144.76 million.

Insider Activity at Perella Weinberg Partners

In related news, CEO Andrew Bednar sold 77,753 shares of Perella Weinberg Partners stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $17.41, for a total value of $1,353,679.73. Following the sale, the chief executive officer directly owned 1,061,260 shares in the company, valued at $18,476,536.60. The trade was a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 235,697 shares of company stock valued at $4,080,379. 26.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP purchased a new stake in shares of Perella Weinberg Partners during the 2nd quarter worth $273,000. IFP Advisors Inc increased its holdings in shares of Perella Weinberg Partners by 7,779.7% in the 2nd quarter. IFP Advisors Inc now owns 21,354 shares of the company's stock valued at $341,000 after purchasing an additional 21,083 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Perella Weinberg Partners by 328.8% in the 2nd quarter. Allworth Financial LP now owns 3,143 shares of the company's stock valued at $50,000 after purchasing an additional 2,410 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Perella Weinberg Partners by 32.2% in the second quarter. Wellington Management Group LLP now owns 5,189,199 shares of the company's stock valued at $82,820,000 after purchasing an additional 1,263,345 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Perella Weinberg Partners in the second quarter valued at about $1,217,000. Institutional investors and hedge funds own 41.07% of the company's stock.

About Perella Weinberg Partners

Perella Weinberg Partners NASDAQ: PWP is an independent global financial services firm that provides strategic and financial advice to corporations, financial sponsors, governments and other institutions. The company operates primarily through its advisory business, helping clients address complex transactions and corporate finance matters.

Its services include mergers and acquisitions, divestitures, strategic alternatives, capital solutions, shareholder activism defense and other corporate advisory assignments.

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