Pale Fire Capital SE Sells 42,226 Shares of People Incorporated Common Stock $PPLI

Key Points

• Pale Fire Capital SE cut its stake in People Incorporated Common Stock by 43.8% in the first quarter, selling 42,226 shares and leaving it with 54,281 shares valued at about $2.17 million.
• Despite the sale, institutional ownership remains heavy, with hedge funds and other institutions holding about 88.9% of the company’s stock. Several firms, including Bank of Montreal Can and Aristeia Capital, significantly increased their positions.
• PPLI shares opened at $41.69, with a 12-month range of $29.56 to $48.32, while Wall Street analysts currently rate the stock a Moderate Buy with a consensus price target of $53.62.

Pale Fire Capital SE reduced its stake in shares of People Incorporated Common Stock (NASDAQ:PPLI - Free Report) by 43.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 54,281 shares of the company's stock after selling 42,226 shares during the quarter. People Incorporated Common Stock accounts for 0.2% of Pale Fire Capital SE's holdings, making the stock its 27th biggest holding. Pale Fire Capital SE owned approximately 0.08% of People Incorporated Common Stock worth $2,173,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Bank of Montreal Can lifted its position in People Incorporated Common Stock by 42,721.4% during the fourth quarter. Bank of Montreal Can now owns 3,128,104 shares of the company's stock worth $122,309,000 after purchasing an additional 3,120,799 shares during the period. Aristeia Capital L.L.C. grew its stake in People Incorporated Common Stock by 100.7% during the fourth quarter. Aristeia Capital L.L.C. now owns 5,702,459 shares of the company's stock worth $222,966,000 after buying an additional 2,861,871 shares in the last quarter. Boston Partners bought a new position in People Incorporated Common Stock in the 4th quarter valued at about $29,114,000. Empyrean Capital Partners LP bought a new position in People Incorporated Common Stock in the 4th quarter valued at about $26,471,000. Finally, Corvex Management LP raised its position in shares of People Incorporated Common Stock by 20.3% in the 4th quarter. Corvex Management LP now owns 3,355,075 shares of the company's stock valued at $131,183,000 after buying an additional 566,696 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

People Incorporated Common Stock Price Performance

Shares of PPLI opened at $41.69 on Friday. The business has a 50-day simple moving average of $43.76 and a two-hundred day simple moving average of $40.88. People Incorporated Common Stock has a 12-month low of $29.56 and a 12-month high of $48.32. The company has a quick ratio of 3.69, a current ratio of 3.69 and a debt-to-equity ratio of 0.30. The stock has a market cap of $2.86 billion, a PE ratio of 112.68 and a beta of 1.02.

Wall Street Analyst Weigh In

PPLI has been the subject of a number of recent analyst reports. UBS Group upped their price target on shares of People Incorporated Common Stock from $42.00 to $49.00 and gave the stock a "neutral" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of People Incorporated Common Stock from $46.00 to $52.00 and gave the company an "overweight" rating in a research note on Monday, May 4th. Weiss Ratings upgraded shares of People Incorporated Common Stock from a "sell (d)" rating to a "sell (d+)" rating in a research report on Monday, June 29th. The Goldman Sachs Group upped their target price on People Incorporated Common Stock from $48.00 to $56.00 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. Finally, Jefferies Financial Group downgraded People Incorporated Common Stock from a "buy" rating to a "hold" rating and set a $44.00 target price on the stock. in a report on Wednesday, May 6th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $53.62.

About People Incorporated Common Stock

IAC NASDAQ: IAC is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company's operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC's Dotdash Meredith division develops original content and data‐driven journalism across more than a dozen specialty sites.

Want to see what other hedge funds are holding PPLI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for People Incorporated Common Stock (NASDAQ:PPLI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.