Saratoga Investment Corp (NYSE:SAR) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 17,300 shares, a drop of 61.6% from the July 31st total of 45,100 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average trading volume of 68,200 shares, the days-to-cover ratio is currently 0.3 days.
SAR traded down $0.03 on Wednesday, reaching $25.59. 91,000 shares of the stock were exchanged, compared to its average volume of 49,367. The company’s 50-day moving average price is $24.87 and its 200 day moving average price is $24.26. Saratoga Investment has a fifty-two week low of $18.60 and a fifty-two week high of $25.80. The firm has a market capitalization of $222.63 million, a PE ratio of 9.73 and a beta of 0.66.
Saratoga Investment (NYSE:SAR) last posted its quarterly earnings results on Wednesday, July 10th. The financial services provider reported $0.60 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The business had revenue of $12.75 million for the quarter, compared to the consensus estimate of $12.21 million. Saratoga Investment had a return on equity of 10.75% and a net margin of 44.66%. As a group, equities analysts anticipate that Saratoga Investment will post 2.37 earnings per share for the current year.
A number of equities research analysts have recently weighed in on the company. Aegis began coverage on Saratoga Investment in a research note on Thursday, August 29th. They set a “buy” rating and a $26.00 price target on the stock. B. Riley set a $26.00 price objective on shares of Saratoga Investment and gave the company a “buy” rating in a research report on Wednesday, August 21st. National Securities reiterated a “neutral” rating and issued a $24.00 target price on shares of Saratoga Investment in a research note on Friday, May 17th. Maxim Group reissued a “buy” rating and set a $27.00 target price on shares of Saratoga Investment in a research report on Friday, July 12th. Finally, Zacks Investment Research lowered shares of Saratoga Investment from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 30th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Saratoga Investment currently has an average rating of “Hold” and an average price target of $25.83.
Several institutional investors have recently added to or reduced their stakes in the stock. Virtus ETF Advisers LLC acquired a new position in Saratoga Investment in the 2nd quarter worth approximately $1,879,000. Black Diamond Capital Management L.L.C. boosted its holdings in shares of Saratoga Investment by 2.2% in the 2nd quarter. Black Diamond Capital Management L.L.C. now owns 830,530 shares of the financial services provider’s stock valued at $20,506,000 after acquiring an additional 18,060 shares during the last quarter. Private Portfolio Partners LLC purchased a new stake in shares of Saratoga Investment in the 1st quarter valued at $311,000. Advantage Investment Management LLC purchased a new stake in shares of Saratoga Investment in the 2nd quarter valued at $304,000. Finally, Wiley BROS. Aintree Capital LLC acquired a new stake in shares of Saratoga Investment in the second quarter worth $225,000. 17.09% of the stock is owned by hedge funds and other institutional investors.
About Saratoga Investment
Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity.
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