Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Up Following Better-Than-Expected Earnings

Key Points

• Perella Weinberg Partners reported stronger-than-expected quarterly results, with earnings per share of $0.20 versus the $0.06 consensus estimate and revenue of $156.53 million compared with expectations of $144.76 million.
• The stock jumped 19.5%, opening at $19.71 after previously closing at $14.91, though it later traded near $17.76. Analysts’ average rating remains “Hold,” with an average price target of $21.50.
• Insiders have recently sold shares, including CFO Alexandra Gottschalk’s sale of 51,671 shares, while institutional ownership remains significant at 41.07% and several major investors increased their stakes.

Perella Weinberg Partners (NASDAQ:PWP - Get Free Report)'s stock price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.91, but opened at $19.71. Perella Weinberg Partners shares last traded at $17.7580, with a volume of 244,304 shares changing hands.

The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.14. Perella Weinberg Partners had a net margin of 2.82% and a negative return on equity of 19.90%. The business had revenue of $156.53 million for the quarter, compared to the consensus estimate of $144.76 million.

Wall Street Analysts Forecast Growth

PWP has been the subject of a number of research reports. Citizens Jmp dropped their target price on shares of Perella Weinberg Partners from $32.00 to $30.00 and set a "market outperform" rating for the company in a research report on Friday, April 10th. Weiss Ratings downgraded shares of Perella Weinberg Partners from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods decreased their price target on shares of Perella Weinberg Partners from $23.50 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, July 10th. Finally, The Goldman Sachs Group set a $16.00 price objective on shares of Perella Weinberg Partners in a report on Friday, June 12th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $21.50.

Insider Buying and Selling at Perella Weinberg Partners

In other news, CFO Alexandra Gottschalk sold 51,671 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $19.74, for a total transaction of $1,019,985.54. Following the transaction, the chief financial officer owned 72,492 shares of the company's stock, valued at approximately $1,430,992.08. The trade was a 41.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 109,477 shares of company stock worth $2,034,533. Insiders own 26.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. raised its stake in shares of Perella Weinberg Partners by 73.5% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,136,484 shares of the company's stock valued at $60,911,000 after acquiring an additional 1,328,312 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Perella Weinberg Partners by 79.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,575,063 shares of the company's stock worth $30,588,000 after purchasing an additional 698,021 shares during the period. Nuveen LLC grew its holdings in Perella Weinberg Partners by 29.2% during the 4th quarter. Nuveen LLC now owns 2,861,405 shares of the company's stock valued at $49,502,000 after purchasing an additional 646,143 shares during the last quarter. Boston Partners grew its holdings in Perella Weinberg Partners by 82.5% during the 4th quarter. Boston Partners now owns 1,378,939 shares of the company's stock valued at $23,860,000 after purchasing an additional 623,330 shares during the last quarter. Finally, Aristotle Capital Boston LLC purchased a new stake in Perella Weinberg Partners in the 4th quarter worth about $8,433,000. 41.07% of the stock is owned by hedge funds and other institutional investors.

Perella Weinberg Partners Trading Up 19.5%

The company has a market capitalization of $1.66 billion, a PE ratio of 74.39 and a beta of 1.65. The stock's 50-day moving average is $16.07 and its two-hundred day moving average is $18.47.

About Perella Weinberg Partners

Perella Weinberg Partners L.P. is a global, partner-led advisory firm specializing in strategic and financial counsel. Founded in 2006 by Joseph R. Perella and Peter Weinberg—both veterans of leading Wall Street institutions—the firm delivers independent advice on mergers and acquisitions, financing, restructuring and capital markets. As an independent entity, it emphasizes senior banker involvement throughout every transaction, ensuring clients benefit from depth of experience and continuity of service.

The firm's core offerings encompass M&A advisory, debt and equity financing, corporate restructuring and capital markets solutions.

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.