Perella Weinberg Partners (NASDAQ:PWP) Shares Gap Down After Earnings Miss

Perella Weinberg Partners (NASDAQ:PWP)’s share price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $18.85, but opened at $17.46. Perella Weinberg Partners shares last traded at $17.07, with a volume of 740,204 shares changing hands.

The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). Perella Weinberg Partners had a negative return on equity of 26.14% and a net margin of 6.57%.The business had revenue of $164.65 million for the quarter, compared to analysts’ expectations of $179.83 million.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PWP shares. Wall Street Zen lowered Perella Weinberg Partners from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Perella Weinberg Partners in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Perella Weinberg Partners from $24.00 to $21.00 and set a “hold” rating on the stock in a research note on Monday, October 13th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Perella Weinberg Partners presently has a consensus rating of “Hold” and an average target price of $22.67.

Institutional Trading of Perella Weinberg Partners

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its stake in Perella Weinberg Partners by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 196,289 shares of the company’s stock worth $3,612,000 after acquiring an additional 5,736 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Perella Weinberg Partners by 18.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 29,466 shares of the company’s stock worth $542,000 after acquiring an additional 4,508 shares in the last quarter. Banque Pictet & Cie SA purchased a new position in Perella Weinberg Partners in the first quarter valued at about $605,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Perella Weinberg Partners in the 1st quarter valued at about $3,798,000. Finally, New York State Common Retirement Fund raised its stake in shares of Perella Weinberg Partners by 402.6% during the 1st quarter. New York State Common Retirement Fund now owns 849,590 shares of the company’s stock worth $15,632,000 after acquiring an additional 680,563 shares in the last quarter. 41.07% of the stock is owned by hedge funds and other institutional investors.

Perella Weinberg Partners Price Performance

The firm has a market capitalization of $1.47 billion, a PE ratio of 20.42 and a beta of 1.63. The company’s fifty day simple moving average is $20.70 and its 200-day simple moving average is $19.83.

About Perella Weinberg Partners

Perella Weinberg Partners, an independent investment banking company, provides strategic and financial advice services in the United States and internationally. The company offers advisory services related to strategic and financial decisions, mergers and acquisition execution, shareholder and defense advisory, and financing and capital solutions advice with resources focused on restructuring, liability management, and capital markets advisory, as well as underwriting and research services primarily for the energy and related industries.