Pershing Square Tontine Holdings (NYSE:PSTH) is off to the races on Friday, but without any specific news from the blank-check company. Are fans of the Bill Ackman SPAC just particularly bullish today? Or is there another reason PSTH stock is flying high? Dive in with InvestorPlace below.
To start, investors should be familiar with the high-profile special purpose acquisition company. Led by legendary investor Ackman, Pershing Square Tontine Holdings and PSTH stock have long generated buzz. That is because Pershing Square is targeting a so-called mature unicorn. And without any confirmation from Ackman, investors have run wild with what that could mean.
Leading up to today, PSTH stock bulls have proposed mergers with Palantir (NYSE:PLTR), which ultimately went public on its own. Others have called for a SPAC merger with SpaceX or Starlink. And perhaps the rumors that have racked up the most attention are that PSTH stock will represent a Bloomberg SPAC merger or a Stripe SPAC merger. Heck, some investors are even betting on Pershing Square bringing fast-food chain Chick-fil-A to the public markets.
What is important to understand today, however, is that Ackman and Pershing Square have made no such announcement. Ultimately, it is clear that investors are trying to guess the right mature unicorn for PSTH stock. And recent news makes this guessing game even more powerful…
Why PSTH Stock Is on the Move
So why is this guessing game picking up influence? Well, yesterday Chamath Palihapitiya announced another SPAC merger that has Wall Street cheering. The fifth of his blank-check companies bearing the Social Capital Hedosophia name will take fintech SoFi public. That sparked a rally in corresponding IPOE stock. It also set off Social Capital Hedosophia Holdings IV (NYSE:IPOD) and Social Capital Hedosophia Holdings VI (NYSE:IPOF).
Now, investors are hoping that Ackman follows quickly behind Palihapitiya and makes an announcement regarding PSTH stock.
So what should you do here? Keep a close eye on the special purpose acquisition company. If bulls are right and the mature unicorn is identified soon, PSTH stock could keep soaring.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.