Stock Track | P10 Inc. Plummets 5.11% as Strong 2024 Overshadowed by Margin Concerns

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P10 Inc.'s stock plummeted 5.11% on Thursday during the intraday trading session, as the company's strong 2024 performance was overshadowed by concerns around its margin outlook for 2025.

In its Q4 2024 earnings call, P10 reported record fundraising of $3.8 billion, a 23% increase in revenue, and 17% growth in adjusted EBITDA for the full year. The company highlighted the successful closing of its Bon Accord 2 fund, which raised a record $1.6 billion, and its plans to drive further growth through acquisitions like Qualitas Funds, new product launches, and operational efficiencies.

However, analysts expressed concerns about the impact of the Qualitas acquisition on P10's fee-related earnings (FRE) margins in 2025, which the company expects to remain in the mid-40s range. Barclays lowered its price target on P10 to $15 from $16, citing the lower fee rate outlook and potential margin pressure from the Qualitas deal.

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