Perella Weinberg shares soar after quarterly profit rises

Shares of financial advisory firm Perella Weinberg Partners PWP.O jumped 18% to $17.62 after the company posted second-quarter net income of $6.3 million, up from $4.3 million a year ago, and revenue of $156.5 million, up 1% year over year.

“Momentum continues to build across our business – the pace of our announced transactions has accelerated and our booked revenue plus announced and pending backlog stands well above the level this time last year,” said CEO Andrew Bednar.

Three of four analysts rate the stock “strong buy” or “buy” and one rates it “sell”; their median price target is $20.5, according to data compiled by LSEG.

Including the session’s move, the stock was up 3.4%.