moneyheap
PS · Analysis updated Nov 10, 2026, 4:45 PM ET
Why is Pershing Square Inc. (PS) stock moving?
PS fell about 14.9% on Nov 10 to $44.20, from a $51.95 close on Nov 9. The low was the same as the close, so it finished at the day's low, on about 918K shares against a 30-day typical volume of roughly 300-500K. The drop erases the whole post-earnings rally that began Nov 4 and takes the stock below the $44 average analyst target. The news found does not name a new company-specific trigger for the move. Backdrop: Q3 revenue fell 14.5% to $56.6M, expenses rose to $76.7M and the company swung to a $19.9M net loss. Analysts lean cautious, with the average rating at Reduce, an average target of about $44 and a BofA Underperform call at $38. Supports include fee-paying AUM of about $23.0B, 98% of it permanent capital, and a flagship fund that beat the S&P 500 in Q3 (3.5% vs 2.3%). The stock has also been very volatile, with a 12% drop on Oct 13 and a 35.7% jump on May 1. After roughly doubling from its April levels, a close at the day's low on heavy volume points to continued selling pressure and a weak near-term tone.
News behind the analysis
- Pershing Square (NYSE:PS) Stock Falls 7.1% - Should You Sell?Shares fell from a $51.95 close in earlier trading on Nov 10. MarketBeat puts the average analyst rating at "Reduce" with an average target of $44.11.
- Caterpillar, Intel among market cap stock movers on TuesdayInvesting.com's list of Tuesday's market-cap movers shows Pershing Square down about 11%.
- Pershing Square Inc. (PS) Stock Price, News, Quote & HistoryLate Tuesday the stock traded near $44.63, down 14.1%, on volume of about 858K against an average of about 437K. The average analyst target is $44. Tigress raised its target to $54 from $41 with a Neutral rating.
- Ackman's Pershing Square adds seven investments in 2026, reports Q3 lossQ3 net loss was $19.9M, against $155.5M of net income a year earlier. Revenue fell 14.5% to $56.6M and expenses rose to $76.7M.
- Pershing Square Sinks 12% on Second Downgrade in Two Days as BofA Cuts Target to $38BofA cut the stock to Underperform and lowered its target to $38 from $54, citing a delayed PSV launch. The flagship fund's NAV fell 12.6% in H1 2026.
- Q3 2026 Letter to ShareholdersFee-paying AUM was about $23.0B at Sep 30, up 3% sequentially and 4% year over year. Permanent capital made up 98% of it.
- Pershing Square Holdings Q3 portfolio letterThe flagship fund returned 3.5% in Q3, ahead of the S&P 500's 2.3%.
- Pershing Square Stock Price HistoryThe stock rose 13.2% on Nov 4 to $52.82, then closed at $51.45 on Nov 6. Tigress raised its target to $54 from $41 in the same week.
- PS Stock Price, News & AnalysisThe stock is down 11.6% over the month to Nov 3. Short interest is 0.9% of float and Ackman reports a 45.3% beneficial stake.
- Pershing Square (PS) Stock Price, News & AnalysisThe consensus target is $42.56. Shares are up about 92% since Apr 28 but were volatile through the earnings period.
About Pershing Square Inc.
Pershing Square Inc. is the publicly listed parent of Pershing Square Capital Management, the activist investment firm founded and run by Bill Ackman. It listed on the NYSE in late April 2026 in a combined offering alongside the closed-end fund Pershing Square USA (PSUS), which made it one of the few US-listed companies whose business is managing a single famous investor's funds.
How it makes money
It earns management fees and, from some funds, performance fees on the money it manages. That money sits mostly in permanent-capital vehicles such as Pershing Square Holdings (listed in Europe) and the new NYSE-listed PSUS, and it also has an interest in Howard Hughes Holdings (HHH). Yearly revenue is roughly $0.75 billion (approximate). Because some fees depend on performance, earnings can swing a lot with the investment results of a small number of concentrated stock positions.
What usually moves PS
- Investment performance of Pershing Square's concentrated portfolio
- Growth in assets under management and new fund launches
- Performance fee income versus fixed management fees
- Bill Ackman's reputation and key-person risk
- Broad stock market sentiment toward alternative asset managers