BidaskClub Lowers Prospect Capital (PSEC) to Sell

Prospect Capital (NASDAQ:PSEC) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Friday.

A number of other brokerages have also recently weighed in on PSEC. ValuEngine upgraded shares of Prospect Capital from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. TheStreet cut shares of Prospect Capital from a “b-” rating to a “c+” rating in a research note on Wednesday, September 27th. Zacks Investment Research upgraded shares of Prospect Capital from a “hold” rating to a “buy” rating and set a $7.75 price objective for the company in a research note on Wednesday. BMO Capital Markets reduced their price objective on shares of Prospect Capital from $7.00 to $6.00 and set a “market perform” rating for the company in a research note on Friday, November 10th. Finally, National Securities reduced their price objective on shares of Prospect Capital from $6.00 to $5.00 and set a “sell” rating for the company in a research note on Thursday, October 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Prospect Capital presently has a consensus rating of “Hold” and a consensus price target of $6.81.

Shares of Prospect Capital (NASDAQ PSEC) opened at $6.80 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 2.63 and a quick ratio of 2.63. Prospect Capital has a one year low of $5.51 and a one year high of $9.58. The firm has a market cap of $2,450.00, a price-to-earnings ratio of 13.33 and a beta of 0.56.

Prospect Capital (NASDAQ:PSEC) last issued its quarterly earnings data on Wednesday, November 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.01). Prospect Capital had a return on equity of 8.63% and a net margin of 27.00%. The firm had revenue of $158.58 million during the quarter, compared to analyst estimates of $161.00 million. During the same quarter in the previous year, the firm posted $0.22 earnings per share. Prospect Capital’s quarterly revenue was down 11.8% compared to the same quarter last year. research analysts anticipate that Prospect Capital will post 0.72 EPS for the current fiscal year.

In related news, insider M Grier Eliasek bought 65,000 shares of the company’s stock in a transaction that occurred on Friday, November 10th. The shares were acquired at an average price of $5.65 per share, with a total value of $367,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John F. Barry bought 993,900 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The shares were bought at an average cost of $7.21 per share, for a total transaction of $7,166,019.00. Following the transaction, the insider now directly owns 32,187,564 shares of the company’s stock, valued at approximately $232,072,336.44. The disclosure for this purchase can be found here. Insiders have purchased 4,604,521 shares of company stock worth $31,784,051 in the last ninety days. 7.10% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp increased its position in Prospect Capital by 4.2% during the third quarter. Van ECK Associates Corp now owns 2,404,212 shares of the financial services provider’s stock worth $16,156,000 after acquiring an additional 96,575 shares during the period. Legal & General Group Plc increased its position in Prospect Capital by 8.8% during the third quarter. Legal & General Group Plc now owns 1,047,945 shares of the financial services provider’s stock worth $7,037,000 after acquiring an additional 84,772 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in Prospect Capital during the second quarter worth $7,697,000. California Public Employees Retirement System increased its position in Prospect Capital by 5.4% during the third quarter. California Public Employees Retirement System now owns 808,100 shares of the financial services provider’s stock worth $5,430,000 after acquiring an additional 41,100 shares during the period. Finally, Camelot Portfolios LLC increased its position in Prospect Capital by 5.1% during the third quarter. Camelot Portfolios LLC now owns 699,153 shares of the financial services provider’s stock worth $4,698,000 after acquiring an additional 33,830 shares during the period. 15.60% of the stock is currently owned by institutional investors and hedge funds.

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Prospect Capital Company Profile

Prospect Capital Corporation is a financial services company. The Company primarily lends to and invests in middle market privately held companies. The Company is a closed-end investment company. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

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