PJT Partners (NYSE:PJT) Shares Gap Down – What’s Next?

PJT Partners Inc. (NYSE:PJT)’s stock price gapped down prior to trading 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.

Analyst Upgrades and Downgrades

PJT has been the topic of several recent research reports. Capital One Financial set a $160.00 target price on PJT Partners in a research report on Tuesday, October 6th. Wall Street Zen lowered shares of PJT Partners from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. The Goldman Sachs Group decreased their price target on PJT Partners from $203.00 to $182.00 and set a “buy” rating for the company in a research note on Thursday, October 1st. UBS Group dropped their price objective on shares of PJT Partners from $176.00 to $165.00 and set a “neutral” rating on the stock in a report on Wednesday, October 7th. Finally, Keefe, Bruyette & Woods lowered shares of PJT Partners from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $195.00 to $159.00 in a research report on Wednesday, October 7th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $168.33.

PJT Partners Price Performance

The stock’s fifty day moving average is $153.64 and its 200-day moving average is $156.60. The stock has a market cap of $3.82 billion, a PE ratio of 20.46 and a beta of 0.89.

PJT Partners (NYSE:PJT) last issued its earnings results on Tuesday, November 3rd. The financial services provider reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. PJT Partners had a net margin of 10.57% and a return on equity of 32.66%. The company had revenue of $385.12 million for the quarter, compared to the consensus estimate of $409.74 million. During the same period in the previous year, the firm earned $1.85 earnings per share. PJT Partners’s quarterly revenue was down 13.8% compared to the same quarter last year. On average, sell-side analysts expect that PJT Partners Inc. will post 7.65 EPS for the current fiscal year.

Insider Activity

In other news, Director Kievdi Cornwell sold 7,845 shares of PJT Partners stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $173.48, for a total transaction of $1,360,950.60. Following the sale, the director owned 18,865 shares of the company’s stock, valued at approximately $3,272,700.20. The trade was a 29.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Emily Rafferty sold 1,100 shares of the company’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 value of $184,085.00. Following the completion of the transaction, the director owned 9,568 shares in the company, valued at $1,601,204.80. This represents a 10.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 10,668 shares of company stock valued at $1,846,561. 10.98% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PJT Partners

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