PennantPark Investment (NASDAQ:PNNT) Rating Lowered to C at TheStreet

PennantPark Investment (NASDAQ:PNNT) was downgraded by research analysts at TheStreet from a “b-” rating to a “c” rating in a report issued on Tuesday, TheStreetRatingsTable reports.

PNNT has been the subject of a number of other research reports. BidaskClub raised shares of WhiteHorse Finance from a “sell” rating to a “hold” rating in a report on Thursday. Zacks Investment Research downgraded shares of HEXO from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Raymond James began coverage on shares of PennantPark Investment in a report on Monday, April 29th. They set an “outperform” rating and a $8.00 price target for the company. Compass Point downgraded shares of Realogy from a “neutral” rating to a “sell” rating and cut their price target for the stock from $12.50 to $8.00 in a report on Friday, May 3rd. Finally, LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $7.60.

Shares of PennantPark Investment stock opened at $6.59 on Tuesday. The stock’s 50 day moving average price is $6.39. PennantPark Investment has a 1-year low of $6.21 and a 1-year high of $7.84. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.58 and a current ratio of 1.58. The company has a market cap of $444.51 million, a P/E ratio of 8.79 and a beta of 1.14.

PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings results on Thursday, May 9th. The asset manager reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). PennantPark Investment had a return on equity of 7.94% and a net margin of 28.97%. The firm had revenue of $28.69 million for the quarter, compared to the consensus estimate of $28.89 million. As a group, equities analysts predict that PennantPark Investment will post 0.75 earnings per share for the current year.

In related news, Chairman Arthur H. Penn acquired 15,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was acquired at an average cost of $6.58 per share, for a total transaction of $98,700.00. Following the transaction, the chairman now directly owns 193,410 shares in the company, valued at $1,272,637.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Arthur H. Penn acquired 16,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average price of $6.52 per share, with a total value of $104,320.00. Following the completion of the transaction, the chairman now owns 193,410 shares in the company, valued at $1,261,033.20. The disclosure for this purchase can be found here. 2.00% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Destination Wealth Management acquired a new position in PennantPark Investment during the 1st quarter worth approximately $61,000. Two Sigma Securities LLC acquired a new position in PennantPark Investment in the 4th quarter valued at approximately $71,000. Moors & Cabot Inc. acquired a new position in PennantPark Investment in the 1st quarter valued at approximately $96,000. Squarepoint Ops LLC acquired a new position in PennantPark Investment in the 4th quarter valued at approximately $91,000. Finally, Quad Cities Investment Group LLC increased its position in PennantPark Investment by 7,500.0% in the 2nd quarter. Quad Cities Investment Group LLC now owns 15,200 shares of the asset manager’s stock valued at $97,000 after acquiring an additional 15,000 shares during the period. Institutional investors and hedge funds own 43.97% of the company’s stock.

About PennantPark Investment

PennantPark Investment Corporation specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.

Read More: Outperform Rating

Analyst Recommendations for PennantPark Investment (NASDAQ:PNNT)

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