Piper Sandler Companies

PIPR is in Stage 3 distribution within a longer-term uptrend. The medium-term bias is bearish, reinforced by a Lower Highs & Lower Lows pattern, underperformance versus the market, and repeated failures near the sloping 9/21 EMA zone. Short-term timing is neutral as price approaches these EMAs without clear rejection or exhaustion. Execution should be deferred into rallies toward the 9/21 EMA resistance (and near the 50 DMA) for trimming on signs of supply at resistance.

• ↑Q1 2026 adjusted net revenues $470M, up 22% YoY
• ↑Advisory services hit $251M in Q1 (+16% YoY), strongest on record
• ↓Corporate financing revenues plunged to $36M in Q1, down 32% YoY