Pershing Square Inc.’s lock-up period following its April initial public offering is set to expire on October 26. The expiration will allow company insiders and major shareholders to sell their shares for the first time.
The IPO raised approximately $2.03 billion. Pershing Square issued 40.5 million shares at $50 each.
Several firms have recently downgraded the stock. The average analyst rating is Reduce, and the consensus price target is $42.
Pershing Square also recently announced a reduction in its quarterly dividend. The lock-up expiration, analyst sentiment and dividend cut could create headwinds for the stock in the near future.