PJT Partners (NYSE:PJT) Shares Gap Down - What's Next?

Key Points

• PJT Partners shares fell 2.6%, opening at $145.01 versus the prior close of $153.58, and last traded near $148.33.
• Analyst sentiment has weakened, with several firms cutting ratings or price targets; the consensus rating is now Hold with an average target of $168.33.
• Quarterly earnings slightly beat expectations at $1.41 per share, but revenue of $385.12 million missed forecasts and declined 13.8% year over year.

PJT Partners Inc. (NYSE:PJT - Get Free Report) shares gapped down before the market opened on Tuesday. The stock had previously closed at $153.58, but opened at $145.01. PJT Partners shares last traded at $148.3290, with a volume of 26,741 shares changing hands.

Analysts Set New Price Targets

PJT has been the subject of several research analyst reports. Wall Street Zen lowered PJT Partners from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. UBS Group decreased their price objective on shares of PJT Partners from $176.00 to $165.00 and set a "neutral" rating for the company in a report on Wednesday, October 7th. Keefe, Bruyette & Woods lowered shares of PJT Partners from an "outperform" rating to a "market perform" rating and lowered their price objective for the stock from $195.00 to $159.00 in a research report on Wednesday, October 7th. Capital One Financial set a $160.00 target price on shares of PJT Partners in a research note on Tuesday, October 6th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of PJT Partners in a research report on Tuesday, October 6th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $168.33.

PJT Partners Stock Down 2.6%

The company has a market cap of $3.82 billion, a PE ratio of 20.46 and a beta of 0.89. The stock has a 50-day moving average of $153.64 and a 200-day moving average of $156.60.

PJT Partners (NYSE:PJT - Get Free Report) last released its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. PJT Partners had a return on equity of 32.66% and a net margin of 10.57%. The business had revenue of $385.12 million for the quarter, compared to the consensus estimate of $409.74 million. During the same quarter last year, the business posted $1.85 earnings per share. The company's revenue for the quarter was down 13.8% on a year-over-year basis. Research analysts expect that PJT Partners Inc. will post 7.65 EPS for the current year.

Insider Transactions at PJT Partners

In other PJT Partners news, Director Emily Rafferty sold 1,100 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $167.35, for a total transaction of $184,085.00. Following the completion of the transaction, the director owned 9,568 shares of the company's stock, valued at approximately $1,601,204.80. This trade represents a 10.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kievdi Cornwell sold 7,845 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $173.48, for a total transaction of $1,360,950.60. Following the completion of the transaction, the director owned 18,865 shares in the company, valued at approximately $3,272,700.20. The trade was a 29.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 10,668 shares of company stock valued at $1,846,561 in the last three months. 10.98% of the stock is currently owned by company insiders.

Institutional Trading of PJT Partners

Institutional investors and hedge funds have recently modified their holdings of the business. Compass Financial Management LLC bought a new position in PJT Partners during the 2nd quarter worth about $36,000. Versant Capital Management Inc raised its holdings in shares of PJT Partners by 73.3% in the 2nd quarter. Versant Capital Management Inc now owns 234 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 99 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of PJT Partners in the 1st quarter valued at about $50,000. GK Wealth Management LLC purchased a new stake in shares of PJT Partners in the 3rd quarter worth approximately $92,000. Finally, Sterling Capital Management LLC lifted its position in shares of PJT Partners by 144.1% in the 3rd quarter. Sterling Capital Management LLC now owns 659 shares of the financial services provider's stock worth $94,000 after purchasing an additional 389 shares during the period. Institutional investors own 89.23% of the company's stock.

About PJT Partners

PJT Partners Inc NYSE: PJT is a global, advisory-focused investment banking and financial services firm. The company provides strategic advice to corporations, financial sponsors, institutional investors and other clients on mergers and acquisitions, divestitures, capital raising, liability management and other complex financial matters.

Its businesses also include restructuring and special situations advisory, private capital advisory and placement services, and shareholder engagement and governance advice.

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