Short Interest in PennantPark Investment Corp. (NASDAQ:PNNT) Drops By 14.8%

PennantPark Investment Corp. (NASDAQ:PNNT) saw a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 878,000 shares, a decline of 14.8% from the January 15th total of 1,030,000 shares. Currently, 1.3% of the shares of the company are short sold. Based on an average daily trading volume, of 420,300 shares, the days-to-cover ratio is currently 2.1 days.

Shares of PennantPark Investment stock traded up $0.03 during trading hours on Friday, hitting $6.59. 296,642 shares of the company were exchanged, compared to its average volume of 304,084. PennantPark Investment has a 1 year low of $5.84 and a 1 year high of $7.34. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 1.26. The business has a 50-day moving average of $6.59 and a 200-day moving average of $6.35. The stock has a market capitalization of $441.83 million, a price-to-earnings ratio of 15.33 and a beta of 1.07.

PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Thursday, February 6th. The asset manager reported $0.15 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.02). PennantPark Investment had a return on equity of 7.19% and a net margin of 25.60%. The company had revenue of $26.00 million for the quarter, compared to analysts’ expectations of $27.53 million. As a group, research analysts anticipate that PennantPark Investment will post 0.67 earnings per share for the current fiscal year.

A number of equities research analysts have weighed in on PNNT shares. Zacks Investment Research cut PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Thursday. BidaskClub cut PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Friday. JPMorgan Chase & Co. cut PennantPark Investment from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $6.50 to $6.00 in a research note on Tuesday, October 29th. Finally, ValuEngine upgraded PennantPark Investment from a “sell” rating to a “hold” rating in a research note on Tuesday, December 3rd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. PennantPark Investment has a consensus rating of “Hold” and a consensus price target of $7.13.

In other news, CEO Arthur H. Penn acquired 10,000 shares of PennantPark Investment stock in a transaction on Wednesday, February 12th. The stock was bought at an average price of $6.56 per share, for a total transaction of $65,600.00. Following the completion of the purchase, the chief executive officer now owns 193,410 shares in the company, valued at $1,268,769.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arthur H. Penn acquired 16,000 shares of PennantPark Investment stock in a transaction on Monday, December 2nd. The stock was purchased at an average price of $6.17 per share, with a total value of $98,720.00. Following the purchase, the chief executive officer now owns 193,410 shares of the company’s stock, valued at approximately $1,193,339.70. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 42,000 shares of company stock valued at $261,600. 3.00% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in PNNT. Caxton Associates LP lifted its position in shares of PennantPark Investment by 85.2% in the fourth quarter. Caxton Associates LP now owns 70,439 shares of the asset manager’s stock valued at $460,000 after acquiring an additional 32,399 shares in the last quarter. B. Riley Wealth Management Inc. lifted its position in shares of PennantPark Investment by 11.7% in the fourth quarter. B. Riley Wealth Management Inc. now owns 480,941 shares of the asset manager’s stock valued at $3,141,000 after acquiring an additional 50,243 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its position in shares of PennantPark Investment by 373.9% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 63,500 shares of the asset manager’s stock valued at $415,000 after acquiring an additional 50,100 shares in the last quarter. Bank of America Corp DE lifted its position in shares of PennantPark Investment by 53.0% in the fourth quarter. Bank of America Corp DE now owns 113,715 shares of the asset manager’s stock valued at $743,000 after acquiring an additional 39,405 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of PennantPark Investment in the fourth quarter valued at $741,000. Institutional investors and hedge funds own 39.02% of the company’s stock.

PennantPark Investment Company Profile

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.

Further Reading: Price to Earnings Ratio (PE) Basics

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