PennantPark Investment (NASDAQ:PNNT) Downgraded by BidaskClub

PennantPark Investment (NASDAQ:PNNT) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued to investors on Friday, BidAskClub reports.

Other equities analysts also recently issued reports about the stock. TheStreet downgraded shares of PennantPark Investment from a “b-” rating to a “c” rating in a report on Tuesday, July 16th. Zacks Investment Research raised shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Thursday. Finally, ValuEngine raised shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. PennantPark Investment currently has a consensus rating of “Hold” and an average target price of $7.50.

Shares of NASDAQ:PNNT traded up $0.05 during midday trading on Friday, reaching $6.13. The company had a trading volume of 655 shares, compared to its average volume of 295,169. The company’s 50 day moving average price is $6.29 and its 200 day moving average price is $6.58. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.19. The stock has a market cap of $415.01 million, a P/E ratio of 8.17 and a beta of 1.13. PennantPark Investment has a 52-week low of $6.05 and a 52-week high of $7.67.

PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.02). The company had revenue of $28.11 million during the quarter, compared to analysts’ expectations of $29.38 million. PennantPark Investment had a return on equity of 8.08% and a net margin of 18.01%. Research analysts forecast that PennantPark Investment will post 0.71 EPS for the current fiscal year.

In other news, Chairman Arthur H. Penn acquired 15,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were acquired at an average cost of $6.30 per share, for a total transaction of $94,500.00. Following the purchase, the chairman now owns 193,410 shares of the company’s stock, valued at approximately $1,218,483. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders purchased a total of 45,000 shares of company stock worth $285,600 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. Susquehanna International Group LLP raised its stake in PennantPark Investment by 30.1% in the 2nd quarter. Susquehanna International Group LLP now owns 153,577 shares of the asset manager’s stock valued at $971,000 after acquiring an additional 35,547 shares during the period. Summit Global Investments increased its position in shares of PennantPark Investment by 10.8% during the second quarter. Summit Global Investments now owns 113,300 shares of the asset manager’s stock valued at $716,000 after buying an additional 11,000 shares during the period. Cambridge Investment Research Advisors Inc. bought a new stake in shares of PennantPark Investment during the second quarter valued at about $77,000. Advisors Capital Management LLC increased its position in shares of PennantPark Investment by 9.5% during the second quarter. Advisors Capital Management LLC now owns 278,891 shares of the asset manager’s stock valued at $1,763,000 after buying an additional 24,092 shares during the period. Finally, D. E. Shaw & Co. Inc. increased its position in shares of PennantPark Investment by 4.9% during the second quarter. D. E. Shaw & Co. Inc. now owns 187,968 shares of the asset manager’s stock valued at $1,188,000 after buying an additional 8,747 shares during the period. Institutional investors and hedge funds own 43.20% 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.

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