Shares of alternative asset manager P10, Inc. (NYSE:PX) are down nearly 50% over the past two plus years as its margins continue to get squeezed by compensation that outpaces assets under management. The pure-play fee manager projected FY24 organic fundraising of $2.5 billion, sharply lower than Street estimates of $3.9 billion, as part of its 4Q23 financial report of February 29, 2024. With a new management team, an all-time low touched on April 18, 2024, and little in 2024 to move the needle, the recent insider buying into this busted IPO merited a deeper dive. An analysis follows below.
