# Pershing Square Inc. (PS)

> Source: Nexqual · https://nexqual.com/PS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Pershing Square Inc. (PS), nexqual.com/PS" · informational, not investment advice.

**Price:** USD 45.04 (-3.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 46.78 · day 42.22–46.24 · 52w 22.01–60.4 · market cap $18.0B · NYQ

## Key facts
- 1 of 80 tracked superinvestors hold PS (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $19.0M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.30 on a 1–5 scale) (10 analysts), mean target USD 44.67 (range 38–58).
- Total return with dividends: 1Y +87.1% vs S&P 500 +14.9%; 5Y +19.2% vs S&P 500 +80.3%.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 12.8x · Earnings yield -2.15% · Net debt $223M · EV $18.2B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Seth Klarman | Baupost Group | 0.24% | $12.9M | New position |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $19.0M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-04-30 | Ackman William A | CEO & Chairman | 800,000 | $19.0M | 23.77 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.30 on a 1–5 scale), 10 analysts; mean target USD 44.67 (low 38, high 58).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Wells Fargo | Target lowered | Underweight | $41 → $40 |
| 2026-10-13 | B of A Securities | Downgrade | Neutral → Underperform | $54 → $38 |
| 2026-10-09 | Citigroup | Downgrade | Neutral → Sell | $45 |
| 2026-10-05 | RBC Capital | Target raised | Sector Perform | $41 → $44 |
| 2026-09-29 | Jones Trading | Downgrade | Buy → Hold |  |
| 2026-09-03 | Tigress Financial | Target raised | Neutral | $39 → $41 |
| 2026-09-03 | Wells Fargo | Target raised | Equal-Weight | $34 → $36 |
| 2026-08-24 | Jones Trading | Target raised | Buy | $39 → $42 |
| 2026-08-19 | Citigroup | Downgrade | Buy → Neutral |  |
| 2026-07-27 | Tigress Financial | Initiated | Neutral | $39 |
| 2026-07-20 | Wells Fargo | Target lowered | Equal-Weight | $37 → $34 |
| 2026-07-13 | Citigroup | Target lowered | Buy | $50 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2026-04-29) | 5Y (from 2026-04-27) |
|---|---|---|
| Total return | +87.1% | +19.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | — | — |
| Volatility (annualized) | 96.9% | 70.1% |
| Max drawdown | -43.1% (May 2026→Jun 2026) | -24.2% (May 2026→Jun 2026) |

## Peers (Asset Management)
TPG (TPG Inc.) USD 46.17 +4.74% · BEN (Franklin Templeton, Inc.) USD 31.52 -0.51% · CRBG (Corebridge Financial Inc.) USD 35.59 +0.82% · OWL (Blue Owl Capital Inc.) USD 9.71 +5.89% · EQH (Equitable Holdings, Inc.) USD 55.04 +1.23% · TROW (T. Rowe Price Group, Inc.) USD 103.45 +0.15%

## More
Full page: https://nexqual.com/PS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment Advice | $54.2M | 100.0% | +6.7% |
| Investment Performance | $1,107 | 0.0% | -100.0% |
| Total revenue | $54.2M | 100% | — |

## Company outlook (8-K filed 2026-08-12)

- "Beginning in Q3 2026 and for future periods, taxes reflected in Distributable Earnings represent the estimated current income tax provision for the period, including related adjustments to income taxes payable and the effect of certain known tax adjustments expected to arise during the tax year."
- "Beginning in Q3 2026 and for future periods, taxes reflected in Distributable Earnings represent the estimated current income tax provision for the period, including related adjustments to income taxes payable and the effect of certain known tax adjustments expected to arise during the tax year."
- "Beginning in Q3 2026 and for future periods, taxes reflected in Distributable Earnings represent the estimated current income tax provision for the period, including related adjustments to income taxes payable and the effect of certain known tax adjustments expected to arise during the tax year."
- "PS Inc. did not incur corporate income tax in Q2 of 2026, but we expect to incur such tax in future periods."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.12 | $0.13 | -0.7% | $76.0M | 10 |
| Next quarter (ends 2026-12-31) | $0.13 | $0.15 | -12.3% | $79.9M | 9 |
| Current fiscal year (ends 2026-12-31) | $0.51 | $0.50 | +2.6% | $284.9M | 9 |
| Next fiscal year (ends 2027-12-31) | $0.95 | $0.93 | +2.4% | $531.1M | 10 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 71.7% | ±16.2% |
| 2026-12-18 | 56 | 66.0% | ±20.8% |
| 2027-01-15 | 84 | 61.4% | ±23.7% |
| 2027-02-19 | 119 | 61.0% | ±27.8% |
| 2027-05-21 | 210 | 57.6% | ±34.1% |