PAX - Patria Investments stock gaps up 13% on Q1 earnings beat

Patria Investments (NASDAQ:PAX) shares are jumping around 13% in Tuesday premarket trading after the its first-quarter fee related earnings and assets under management leaped on a Y/Y basis. Q1 adjusted EPS of $0.24 topped the average analyst estimate of $0.19 and jumped from $0.12 in the year-ago period. Revenue of $55.0M also beat the consensus of $54.60M and gained from $30.6M in Q1 2021. Net accrued performance fees were $503M in Q1, up from $253M in Q1 of last year. Fee related earnings were $31.9M in Q1 compared with $17.3M in Q1 a year ago. Assets under management of $27.6B at March 31 soared from $14.1B at March 31, 2021. Conference call at 9:00 a.m. ET. In mid-February, Patria Investments raised its quarterly dividend to $0.16 per share.

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Patria Investments stock gaps up 13% on Q1 earnings beat