PennantPark Investment (PNNT) Rating Increased to Sell at BidaskClub

PennantPark Investment (NASDAQ:PNNT) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday.

PNNT has been the subject of a number of other research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $8.50 target price on shares of PennantPark Investment in a report on Thursday, October 26th. Zacks Investment Research lowered PennantPark Investment from a “hold” rating to a “sell” rating in a report on Saturday, November 4th. Jefferies Group reaffirmed a “hold” rating and set a $8.00 target price on shares of PennantPark Investment in a report on Sunday, November 5th. ValuEngine lowered PennantPark Investment from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Ladenburg Thalmann Financial Services raised PennantPark Investment from a “neutral” rating to a “buy” rating and set a $8.00 target price for the company in a report on Friday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $8.30.

PennantPark Investment (NASDAQ PNNT) opened at $6.90 on Friday. The company has a current ratio of 3.03, a quick ratio of 1.66 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $490.32, a PE ratio of 9.86, a price-to-earnings-growth ratio of 4.78 and a beta of 1.22. PennantPark Investment has a twelve month low of $6.29 and a twelve month high of $8.68.

PennantPark Investment (NASDAQ:PNNT) last posted its earnings results on Wednesday, February 7th. The asset manager reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02. The business had revenue of $28.67 million during the quarter, compared to analyst estimates of $28.12 million. PennantPark Investment had a return on equity of 8.58% and a net margin of 41.17%. The company’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.21 EPS. equities research analysts expect that PennantPark Investment will post 0.73 earnings per share for the current fiscal year.

In other PennantPark Investment news, CFO Aviv Efrat purchased 10,000 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was purchased at an average price of $7.14 per share, for a total transaction of $71,400.00. Following the transaction, the chief financial officer now owns 106,102 shares in the company, valued at approximately $757,568.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Arthur H. Penn purchased 14,000 shares of the company’s stock in a transaction dated Monday, December 4th. The shares were acquired at an average price of $7.14 per share, with a total value of $99,960.00. Following the transaction, the chairman now owns 193,410 shares in the company, valued at approximately $1,380,947.40. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 48,000 shares of company stock valued at $344,280. Corporate insiders own 2.00% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. boosted its position in shares of PennantPark Investment by 25.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 37,330 shares of the asset manager’s stock valued at $276,000 after acquiring an additional 7,514 shares during the last quarter. Garner Asset Management Corp lifted its position in PennantPark Investment by 10.7% in the 4th quarter. Garner Asset Management Corp now owns 81,477 shares of the asset manager’s stock worth $563,000 after buying an additional 7,879 shares during the last quarter. Global X MANAGEMENT CO LLC lifted its position in PennantPark Investment by 49.0% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock worth $186,000 after buying an additional 8,165 shares during the last quarter. Mckinley Capital Management LLC Delaware lifted its position in PennantPark Investment by 3.3% in the 3rd quarter. Mckinley Capital Management LLC Delaware now owns 271,788 shares of the asset manager’s stock worth $2,041,000 after buying an additional 8,751 shares during the last quarter. Finally, Stifel Financial Corp lifted its position in PennantPark Investment by 50.5% in the 2nd quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock worth $205,000 after buying an additional 9,300 shares during the last quarter. Hedge funds and other institutional investors own 42.77% of the company’s stock.

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PennantPark Investment Company Profile

PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.

Analyst Recommendations for PennantPark Investment (NASDAQ:PNNT)

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