Pershing Square (NYSE:PS) Shares Down 8.6% – Should You Sell?

Shares of Pershing Square Inc. (NYSE:PS) were down 8.6% during mid-day trading on Wednesday . The company traded as low as $46.17 and last traded at $46.44. Approximately 486,831 shares traded hands during trading, a decline of 62% from the average daily volume of 1,284,516 shares. The stock had previously closed at $50.83.

Pershing Square Price Performance

The stock has a market cap of $6.09 billion, a price-to-earnings ratio of -35.34 and a beta of 2.27.

Insiders Place Their Bets

In other news, CEO William A. Ackman bought 800,000 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was acquired at an average cost of $23.77 per share, with a total value of $19,016,000.00. Following the transaction, the chief executive officer directly owned 1,500,000 shares in the company, valued at approximately $35,655,000. This trade represents a 114.29% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 21.79% of the stock is currently owned by company insiders.

About Pershing Square

Pershing Square (NYSE: PS) is a publicly traded investment holding company managed by Pershing Square Capital Management, L.P., the investment firm founded and led by William “Bill” Ackman. The vehicle provides outside investors with exposure to the firm’s concentrated, actively managed investment program and is designed to deliver long?term capital appreciation through a portfolio of equity and related positions.

The company’s principal activities center on investing in publicly traded companies, typically through concentrated long equity positions and selectively using derivatives or other instruments for hedging or to implement investment views.